LINK/USD has fallen 11% in the last 24 hours and could slide to $7.80 if bears take control
Chainlink (LINK) appears vulnerable to further downside, with short-term technicals indicating a potential drop below $10.00 and a deeper decline toward $7.80 if bearish momentum persists.
The warning follows LINK/USD plunging more than 11% over the past day, breaking down from a rising wedge formation and falling through a key support zone.
LINK/USD daily action
Over the last 24 hours Chainlink reached an intraday high of $11.69, but the broader crypto sell-off pushed the price down to a low of $10.03.
At the time of writing bulls have briefly lifted the market to $10.36, but the break below the rising wedge and support levels increases the risk of a deeper correction to about $7.80. That level corresponds to the base of the wedge shown in the chart and served as a major support area before the rebound toward $12.93.
LINK/USD price action on the daily chart. Source: TradingView
Near-term support is also provided by the 50% Fibonacci retracement of the move from the $9.40 low to the $12.93 high, which sits around $10.14. Below that, bulls will hope for strength near the 61.8% Fibonacci retracement at the $9.40 swing low.
Holding above the $10.00 mark would be important for buyers. A sustained push past the 100-day simple moving average (hourly) around $11.09 could spark a recovery toward the main resistance near $12. If that level is overcome, LINK/USD could target $12.83 and then test resistance around $14.00.
Chainlink trading trajectory on the 4-hour chart. Source: TradingView
The 4-hour chart shows the token breaking below the lower boundary of a rising channel. After slipping beneath the 100-period simple moving average at about $11.38, selling pressure accelerated and pushed the price toward the 50-period SMA near $11.36.
Downward momentum allowed bears to force a breach of two nearby supports around $11.20 and $11.00, eroding recent gains and leaving bulls exposed in the $10.50–$10.20 area.
Short-term bearish confirmation would come if LINK falls back to the $9.40 low. A sustained drop below that level would increase the likelihood of testing the $7.80 area as selling pressure expands.
Conversely, reclaiming and holding above $11.00–$11.40 would reduce near-term downside risk and open the door for a recovery attempt toward $12 and higher resistance bands. Traders should watch these levels and monitor volume and momentum indicators for clues about which side is likely to prevail.