Chainlink price once again defends critical support level eying up a rebound to $18
|- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.