Is Chainlink (LINK) finally escaping its bearish shackles? Over the weekend, Chainlink’s price broke out of the upper trendline of the falling wedge and validated the bullish breakout, sparking renewed interest. Amid the breakout, CCN observed that Chainlink (LINK) has been gaining attention in the cryptocurrency space after breaking out of a long-standing bearish trend. But is this breakout sustainable?

The recent price action presents a mixed picture. While On Ma, the altcoin surged, the situation remains complex. Identifying critical support and resistance levels, Chainlink is currently on a bearish path, heading toward the $12.44 support level. The question is: If the price breaks and closes below this level, what happens next?

Adding to the uncertainty, The critical ascending support line which Chainlink price broke down recently indicated that its previous bullish trend could have transitioned towards a full bearish season. This earlier breakdown raises concerns about the strength of the current breakout. Furthermore, Chainlink also broke down from a short-term ascending support trend line (dashed), losing its bullish structure. Another sign of a bearish trend is the upward movement that can be followed by heavy dumping. Are we seeing a fakeout, or a genuine shift in momentum?

Ultimately, determining whether Chainlink has truly broken free from its bearish trend requires careful monitoring of key support and resistance levels. Keep a close eye on the $12.44 support and watch for further confirmation of bullish momentum to determine if this breakout is the real deal.