Despite being one of the most bullish cryptocurrencies from a macro perspective, Chainlink has seen an extreme decline today which has caused it to fall by more than 6%.

The downturn of today marks an extension of what first occurred a few days ago when LINK tapped nearly $4.00 highs. The strong resistance at this level proved to be insurmountable and in the days ahead could help fuel further downside.

This comes as one analyst even sets an incredibly low target for the cryptocurrency, suggesting it could decline to $1.00 owing to a massive rising wedge pattern that has led to a high-time resistance region.

Chainlink Shows signs of weakness as analysts watch main support reaction

Chainlink is trading down over 6 percent at its current price of $3.55 at the time of writing, marking a significant decline from the daily highs of $3.80 set yesterday.

The cryptocurrency shows even greater signs of bearishness over a weekly timeframe, as it has declined from highs of nearly $4.00 set just two days ago.

The decline from these highs has resulted in Bitcoin being massively underperformed, as the flagship crypto is currently trading only one hair below its weekly $7,800 peak.

One common crypto analyst on Twitter explained that as it starts falling below its short-term support it may soon fall significantly further.

This downtrend could result in it running as low as $2.90 against its USD trading pair. And as low as 40k against its BTC trading pair – a reversal from its current 46k sats BTC level.

“LINK: On BTC pair -> broke south, which is not bad after such a move. Levels to hold; 46K Satoshi, holding & test 49K is likely. Losing -> 43 / 40K satoshis are next. On USDT pair -> need to hold $3.45-3.50, otherwise $2.90 is likely,” the analyst noted.

Can LINK be poised for a crater of $1.00? This analyst is thinking so

Another prominent analyst recently provided a chart for the cryptocurrency showing a highly bearish path forward, setting a mid-term goal at $1.00.

This pattern may be verified if the crypto doesn’t surmount the lower-$4.00 area resistance.