Chainlink (LINK) is teetering near a technically sensitive level on the weekly chart, and a popular analyst warns that higher-timeframe downside risk is rising if support breaks. What the chart shows - CryptoBullet (on X) identifies a clear head-and-shoulders (H&S) pattern on LINK’s weekly timeframe — a textbook bearish reversal that becomes actionable only after a confirmed break below the neckline. - The pattern formed with a left shoulder during the early-2024 recovery, a higher head in early 2025, and a lower right shoulder in the second half of 2025. The neckline slopes slightly upward and sits in the $10–$11 area, a zone that has repeatedly acted as structural support during pullbacks while the pattern developed. Why it matters - A decisive weekly close below that $10–$11 neckline would validate the H&S breakdown and likely shift the market’s outlook from neutral/relief-bounce to bearish. - Using the standard technical “measured move” for H&S patterns, CryptoBullet projects a potential downside target in the $4–$5 range — roughly a 50% drop from current levels — if selling accelerates and the pattern completes. Intermediate support and current price - There’s an intermediate stopping point to watch around $7.15, which aligns with the Point of Control on the volume profile and overlaps the 2022–2023 accumulation zone; this level could limit downside before the $4–$5 area if selling pressure is less severe. - At the time of the analysis LINK was trading near $11.98 (+1.1% over 24 hours, -5.4% over seven days). Holding above the $10–$11 neckline would keep the H&S pattern unconfirmed and open the door for a relief bounce; a weekly close beneath it would increase the odds of a deeper correction. Bottom line Traders and investors should be watching the $10–$11 weekly neckline closely — it’s the key pivot between a still-unconfirmed setup and a bearish breakdown that could send LINK toward the mid-single-digit targets outlined by the technical projection. Source: CryptoBullet on X. Read more AI-generated news on: undefined/news