Chainlink (LINK) trading in horizontal range with bearish sentiment

Chainlink (LINK) has been trading within a horizontal range since November 2023 and was recently rejected at the range high on January 20, 2024.

The daily Relative Strength Index (RSI) fell below 50, indicating a bearish sentiment. The RSI had remained above 50 since the upward trend started in September 2023.

Analysts have mixed opinions on LINK's future trend, with some suggesting a bounce from the range low and an increase to $19, while others anticipate a drop to $10-$11.

The technical analysis on the 3-day time frame suggests a potential breakdown from the range, with the Elliott Wave theory indicating a possible 20% decline to $11.45.

However, a close above the range high at $17 could signal a local bottom and potentially lead to a 34% increase to the next resistance at $19.30.