Pendle and Chainlink are both on the edge—will support hold or collapse?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

---

Pendle ($PENDLE):

Pendle has broken down from its ascending trendline support, which had been intact since early March. The breakdown occurred near $3.42, signalling a shift in momentum. Price is currently trading around $3.15 and is heading toward the psychological and structural $3.00 support zone. This area now becomes the key point for Pendle's next leg.

Key levels:

• Current Price: $3.15
• Immediate Support: $3.00 (psychological and structural level)
• Deeper Support Levels: $2.49 (former range low) & $1.824 (March swing low)
• Immediate Resistance: $3.66
• Upside Targets (on reclaim): $4.42 (if $3.66 is broken)

Scenarios to watch:

• Retest & hold at $3.00: If Pendle finds support at $3.00, expect a sideways consolidation between $3.00 and $3.66. This could offer range trading opportunities for both bulls and bears.
• Breakdown below $3.00: A daily close below this level puts $2.49 in sight as the next support. If that breaks too, the next major level sits at $1.824, marking a full retrace to March lows.
• Reclaim above $3.66: If Pendle manages to reclaim $3.66, it opens up room for a push toward $4.42 in the medium term. This would also mark a reclaim of lost bullish structure.

Cryptonary's take

Momentum is clearly fading for Pendle after the trendline break. All eyes are on the $3.00 level, it's do-or-die in the short term. If it holds, this becomes a base for potential recovery. But a breakdown could trigger further downside. Wait for confirmation at key levels before positioning.

---

Chainlink ($LINK):

Chainlink failed to hold its recent consolidation just beneath the daily supply zone between $15.2-$15.78. The rejection from that zone confirmed sellers remain in control, pushing the price down through the $14.31 minor support. It's now trading around $13.42, heading toward a critical higher time frame support at $12.51.

Key levels:

• Current Price: $13.42
• Immediate Support: $12.51 (key HTF support)
• Deeper Downside Levels: $10.00 (April lows) & $9.63 (next key support zone)
• Immediate Resistance: $14.31 (former range low, now acting as resistance)
• Major Resistance Zones: $15.2-$15.78 (daily supply zone) & $16.54

Scenarios to watch:

• Support at $12.51 holds: A strong reaction from this level could indicate absorption and potential for a bounce toward $14.31 and possibly $15+. This would only be valid if momentum and market conditions support the move.
• Breakdown below $12.51: If $12.51 fails to hold, expect downside continuation toward $10.00, followed by $9.63. These were strong reaction zones from March-April and could serve as demand on the way down.
• Reclaim above $14.31: Only a reclaim above this level would shift the structure back toward consolidation. That opens up the gate for another test of the $15.17-$15.78 supply zone.

Cryptonary's take

The recent rejection confirms that LINK is still under bearish pressure. The $12.51 level is now a major inflection point. A clean hold there could offer a base for recovery, but if broken, further downside opens up fast. Until then, caution is advised.

---