ChainLink Technical Analysis: LINK/USD could still bounce back up if $13 is defended
|- LINK/USD is currently trading at $13.33 after an overall market weakness.
- ChainLink had a massive bull rally towards $20 outperforming the majority of the market.
There is a descending triangle pattern formed on the daily chart that indicates a possible bounce for LINK if the $13 support level is held. The entire cryptocurrency market took a big hit in the past 24 hours after the U.S. stock market dropped as well.
LINK/USD daily chart
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As mentioned above, the $13 support level is now the most crucial point for the bulls in the short-term. Both the daily 12-EMA and the 26-EMA have already been lost. There is also another support level nearby at $12.09 established on August 11. As for resistance levels, LINK bulls are facing a significant one at $17.77 and the upper trendline of the descending triangle.
At this point, anything above the upper trendline could be considered a signal to buy while a clear loss of $13 might be a trigger for another leg down towards $12. The next bullish target would be around $17.77 where a notable resistance level is currently established.
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