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.

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 price

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 price

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 price

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.

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