Chainlink Price Forecast: LINK remains bullish despite 34% pullback
- Chainlink price is bounded inside an ascending parallel channel formed on the 4-hour chart.
- Despite the massive crash, LINK remains fairly bullish and could see higher highs.
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Chainlink was trading at a high of $16.39 before plummeting towards $11.29, the lower boundary of an ascending parallel channel. LINK is currently trying to rebound towards the upper trendline of the pattern.
Chainlink price could be aiming for $17 again
LINK seems to be attempting to rebound from the lower trendline of the ascending parallel channel on the 4-hour chart. The crash was really steep which means there isn’t a lot of resistance to the upside.
LINK/USD 4-hour chart
The TD Sequential indicator has just presented a buy signal on the 30-minutes chart which seems to be getting enough continuation at the moment. If the $13.22 high is broken, Chainlink price could jump towards the high of the pattern at $17.
LINK/USD 30-minutes chart
Additionally, so far LINK bulls have defended a critical support level at 71,000 satoshis on the LINK/BTC daily chart. This level has been thoroughly tested in November and on September 23.
LINK/BTC daily chart
A breakdown below the crucial LINK/BTC support level of 71,000 satoshis and the lower boundary of the ascending parallel channel will quickly push Chainlink price towards the psychological level at $8.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
