Hedera (HBAR) and Chainlink (LINK) Prices Risk Further Dip as 2-Month-Old Supports Weaken

The crypto market has been down for some days now, and it seems to be getting worse. Coins like Hedera (HBAR) and Chainlink (LINK) are both down by close to 15% each in the last 24 hours, and things could even get worse as some key price supports, which have been holding the price since December, weaken for the two cryptos.

Hedera (HBAR) and Chainlink (LINK) prices could be headed for further declines as key price supports, which have been in place for the past two months, show signs of weakening.

Both HBAR and LINK prices have declined by nearly 15% each over the last 24 hours, as the broader crypto market continues to face selling pressure.

Hedera (HBAR) Price Risks 2-Month Support Break

The price of Hedera (HBAR) has been consolidating since December 4, with resistance at $0.39 and support at $0.23. The support level has been crucial in preventing further declines since early December.

However, HBAR's price dropped sharply on Monday, reaching a low of $0.17, as this support level was breached. While the price has recovered somewhat, it needs to close above the support level on the daily chart to maintain the consolidation.

A break below the $0.23 level on the daily chart could indicate a bearish continuation to lower levels. This may lead to a significant -20% decline towards $0.17.

Chainlink (LINK) Price Breaks Out of Descending Triangle Pattern

Meanwhile, Chainlink's (LINK) price is encountering a similar scenario. The price has been forming a descending triangle pattern since early December, with the base of the triangle at $19.3, acting as a support level.

At the time of writing, LINK's price is breaching this support level, trading below $19.

A daily close within the descending triangle pattern could indicate some bullish momentum for LINK's price, aiming for the top of the triangle.

However, if Chainlink's price closes below the $19 support, the descending triangle pattern will be invalidated, potentially signaling a bearish continuation.

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