Chainlink (LINK) is drawing attention from technical analysts after rebounding from a closely watched support area around $10.80. That zone combines the $10.80 level, the lower daily Bollinger Band, and the 61.8% Fibonacci retracement of the upward impulse that began in August. The bounce produced a daily bullish harami candlestick pattern, which has paused the short-term sell-off seen since early November.
Despite broader bearish crypto sentiment tied to continued outflows from US spot Bitcoin ETFs, Chainlink's defense of the support zone has opened the door toward the next resistance at $11.50, previously a support level from mid-October.
A separate market observer, identified as Jordan, is making a more ambitious call. Jordan sees a possible double bottom forming and suggests LINK could climb to $15 or higher if the pattern confirms. At the time of writing, LINK traded near $10.61, roughly 41% below that target. The setup has no stated time frame.
The structural picture remains bearish in the short term. LINK is trading below both its 50-day moving average near $11.71 and its 200-day moving average near $11.00. Momentum indicators are also weak: the RSI sits near 40, while the MACD remains below its signal line, showing that sellers are still leading the trend.
The critical levels are clear. Support near $9.75 must hold for the double-bottom pattern to remain valid. A daily close below that level would void the bullish call and could open a path toward $8.16. On the upside, bulls need a clean daily close above the $11.53 neckline to confirm the pattern, with the next resistance near $12.71.
