Chainlink (LINK) Price Prediction: Bears Target $10.00 as Critical Support Weakens

LINK is currently trading just above the support at $12.00 and is losing momentum on the lower timeframes. As we highlighted in our previous analysis, the asset remains caught in a broader downtrend and is struggling to gain any meaningful traction. We did see the price show some signs of life during the first two weeks of January when it briefly moved higher but those gains seem to be diminishing as LINK sits at the $12.00 support once again. With bears in control of the market and the macro trend also leaning bearish, it is likely that LINK will continue to struggle in the short term. We will now take a quick look at the latest charts to see where the price could be headed in the coming days.

Our LINK Price Prediction Summary

• LINK is struggling to hold the $12.00 support and appears likely to test the $10.00 mark in the coming days.
• The consistent formation of lower highs confirms that the daily downtrend remains firmly intact without signs of a reversal.
• Broader market weakness and a bearish weekly outlook suggest that the price will continue to face significant downward pressure.

Analyzing the Charts

Testing Critical Support Levels

If we look at the latest 1-day timeframe for LINK, we can see that the price is currently sitting on the $12.00 mark and is struggling to hold above it. Previously we saw some sideways movement with $13.00 acting as immediate support, but that level has now flipped into resistance. With the current lack of momentum, a retest of that area is looking unlikely in the near future. It will be interesting to see how the bulls react to the $12.00 mark as this area has acted as strong support for the past couple of months and breaking below it would likely extend the macro downtrend. In the event that the price breaks below $12.00, the next major level we will be watching is the $10.00 mark.

Daily Trend and Market Correlation

It is also apparent that the daily downtrend is still intact and has not been affected by these small relief pushes. The price is still forming a series of lower highs, and there has not been a break of trend on the 1-day timeframe yet for LINK. This lack of structural change is why we are expecting the price to touch the $10.00 mark in the coming days. Bitcoin is also now trading below a crucial support level, and that broader market weakness is causing altcoins to bleed as well.

Long-Term Outlook and Target Levels

Lastly, if we switch to the 1-week timeframe, we can see that $12.00 has acted as solid support during past downtrends for LINK. However, during the past couple of downtrend cycles, the $10.00 level is where the price bottomed out before shifting the trend. With that pattern becoming apparent and the daily trend also suggesting a move toward $10.00, we are expecting LINK to test that lower mark soon. These indicators are why our current LINK price prediction remains leaning toward the bearish side.

Final Takeaway: What is Next for LINK?

Chainlink continues to face significant downward pressure as it sits on the crucial $12.00 support level. The recent failure to sustain momentum above $13.00, combined with a broader market decline led by Bitcoin, suggests that the bears are firmly in control. While $12.00 has historically been a strong area for buyers, the consistent formation of lower highs on the daily chart points toward a probable test of the $10.00 zone. Investors should watch these levels closely, as the macro trend remains bearish and suggests that the bottom for this current cycle may still be ahead.