Chainlink Bounced Off The Crucial Support Level, Aiming For $12

Chainlink bounced off the crucial support level while being on its way to recovery, facing no resistance ahead, aiming for the $12 price range. In our latest Chainlink crypto news, we can see that the coin increased by 10% over the past few hours.

Based on the historical data, LINK could advance towards $12 and the $14.5 level as well. the bullish outlook will prevail as long as the $10.4 support holds.  LINK went through a 64% correction after rising to an all-time high of over $20 but despite the losses, the so-called Chainlink marines have been reluctant to sell. Now, multiple technical indexes show that there could be rewards for their strong hands.

When looking at Chainlink’s price action on the 12-hour chart, the decentralized oracles token seems to be contained in an ascending parallel channel over the past two months. Each time a LINK token has increased above the technical formation’s upper boundary as it gets rejected and retraces to the lower edge. From this point, it tends to be rebound, which is consistent with the channels’ characteristics. After the most recent retest of the underlying support, it seems that many buy orders were filled while the spike in buying pressure around the price level helped the coin rebound over 10% in the past few hours.

The token is on its way to an ascending parallel channel and these critical areas of interest sit at $12 and $14.5. the parabolic stops and reverse metric or SAR, adds credence to the optimistic outlook for the coin. The trend-following indicator predicts that chainlink’s downtrend reached exhaustion. As they stop and reversal points moved underneath Link’s price as the odds for a further advance increased immensely. As chainlink bounced off, the stop and reversal system was highly effective in determining the course of the altcoin trend. The last two times the SAR flipped from bearish to bullish in the 12-hour chart, the price surged by 32% and 34%.

IntoTheBlock’s In/Out of the money model shows that if all bullish signals are validated, Chainlink will face stiff resistance around the middle line of the parallel channel that was mentioned before. Based on the metrics, about 9000 addresses had previously purchased over 7 million coins. this critical supply barrier may contain rising prices at bay in the range that will likely exit  Their underwater positions. Going through this hurdle could see prices climb towards the channels’ upper boundary at $14.5.