Chainlink Price Analysis: LINK/USD plunges from new all-time high, can $12.00 support hold?

Chainlink hits a wall at new all-time highs and freefalls in search of support toward $12.00.
LINK/USD remains in the hands of the bulls with short term support at $13.00 likely to send the price back to $14.50.

Chainlink had been one of the most intriguing altcoins in the market over the last few weeks. In addition to acting in tandem with the generally bullish cryptocurrency market, LINK/USD went the extra mile to trade a new all-time high ($14.50).

Although a reversal is underway from the all-time high, the drop is not rapid. Bulls are fighting tooth and nail to keep the price above $13.00 (short term support). LINK/USD is trading at $13.094 at the time of writing amid a growing bullish grip. Declines are expected to continue in the near term with the next support target at $12,000.

Looking at the RSI, the path of least resistance is downwards. The indicator had printed an impressive rally to 90 but at the moment, it barely holds above 70. Another bearish signal is the Elliot Wave Oscillator as it prints the second bearish session in less than 24 hours.

An ascending channel is in line to prevent losses towards $12.00. The main support is established at $12.00 while other key levels to keep in mind are the 50 SMA at $10.00 and the 100 SMA at $8.81. Support at $13.00, although weak and short term, could work as a stepping stone for gains above $14.00 and $15.00 respectively.
LINK/USD price chart

LINK/USD 4-hour chart

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