Bears have taken control of Link and have sunk the price down to the red trend line which has been acting as critical line of support for the short term. If broken I believe we come down to the next bit of support in the blue box at around $3.466 or even possibly even further to meet the 200ma on the 4 Hour.
If this holds however, I anticipate a retest of the white trend line and a possible break - leading to potential upwards movement going fowards.
Key points: Chainlink has been bouncing on 4 hour oversold conditions and comes back rapidly when steps outside the bollinger bands.