Lorenzo Stroe
Independent Analyst
- Chainlink price has managed to defend a crucial support level at $12.
- Bulls now aim for a huge rebound towards $18 in the long-term.
Chainlink has been trading inside a long-term ascending parallel channel on the daily chart. Bulls have defended the lower trendline support several times in a row and now aim for a massive rebound.
Chainlink price has to see bullish continuation
The lower trendline support of the pattern coincided with the 100-SMA support level at $12 and bulls defended it once again. LINK is already up by more than 6% since the dip but it needs more to confirm a potential rebound.
LINK/USD daily chart
The next crucial resistance level is the 50-SMA at $13. Additionally, bulls need to set a higher high above $14.5 to confirm a daily uptrend and target a price of $18 in the long-term, which is the upper trendline of the pattern.
LINK/USD daily chart
However, it seems that Chainlink price hasn’t been able to climb above the middle trendline of the pattern for months now. A breakdown below the critical support level at $12 can quickly drive LINK towards a low of $7.
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