$LINK (1H Chart) – Watching the Wave (4) Retracement

The 1-hour chart on Chainlink is showing a well-defined Elliott Wave count that’s worth paying attention to.

📉 Wave (4) in Progress

Price has completed a clean move down into wave (3) and is now retracing into wave (4).

The key Fibonacci retracement levels for this bounce sit at:

23.6% → $21.308

38.2% → $21.947

50.0% → $22.477

Price is currently hovering inside this zone. As long as it remains capped here, the setup favors another leg lower.

🌀 Potential Path for Wave (5)

If rejection holds, wave (5) could drive LINK toward the larger orange support box below:

38.2% → $19.462

50.0% → $17.429

61.8% → $15.608

🎯 Key Takeaway

The chart remains in a bearish structure as long as price stays under $22.48, with downside targets lining up between $19.46 and $15.60 for wave (5).