Chainlink's price has fallen below all of its major moving averages, with aggressive selling pressure dominating the token's trading sessions. Analysts tracking the move now put a 65% probability on the token testing support at $8.20 within the next 72 hours.
Breakdown below key technical levels
The cryptocurrency, which had been struggling to hold above its 50-day, 100-day, and 200-day moving averages, lost those supports in rapid succession this week. The breakdown marks a shift in momentum that traders often interpret as a bearish signal. Selling volume has increased, and the token has failed to mount any meaningful recovery above those averages.
What the 72-hour window means
Price action models now suggest a $8.20 retest is the most likely outcome over the coming three days. That level has acted as a support zone in the past, but with selling pressure intensifying, a hold at that price is far from guaranteed. If Chainlink fails to hold $8.20, the next major support could be significantly lower.
Potential dead cat bounce to $9.50
A short-term oversold condition could produce what traders call a dead cat bounce — a temporary recovery that does not change the underlying downtrend. The models indicate that if such a bounce occurs, it could rally as high as $9.50 before the token resumes its decline. That would still leave Chainlink below its moving averages and in a technically weak position.
The token closed well below $10 after the breakdown, a level that had previously acted as psychological support. Trading desks are watching to see whether sellers continue to dominate or if buyers step in around the $8.20 zone.
