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ChainLink (LINK) price has rebounded to highs of $13.87 after trading as low as $13.08, with bulls targeting a short term breakout to $17.00

ChainLink’s price remains negative both on the daily and weekly time frames despite bulls’ latest efforts that include a jump to highs of $13.87. This follows the widespread sell-off in the crypto market that saw LINK/USD drop to $11.90 on 26 November.

At the time of writing, the LINK token is down 5.69% in the past 24 hours and has fallen 11.08% in the past seven days as bulls attempt to break above $14.00.

On the technical front, price charts suggest bulls might rally to $17.00 short term before running out of steam.

As can be seen on the daily chart below, prices oscillated within an ascending parallel channel formed in October. The upper trendline of the channel now presents a hurdle around the $17.00 price level.

The chart nevertheless suggests a negative flip is possible if buying pressure dissipates before a breakout above the said resistance level. In this case, bears would eye $13.00 and then $11.00.

The 4-hour and hourly charts present an interesting set-up for both bulls and bears.

In both cases, LINK has recovered to trade just above the lower boundary of an ascending parallel channel. As such, bulls need a breakout towards the midline to signal a continuation of the bullish case seen over the past several hours.

Bears, on the other hand, will be eyeing a breakdown beneath the lower boundary to strengthen their case as they seek to strike another blow to bulls’ short term aspirations.

On the 4-hour chart, LINK price is near the lower boundary of the ascending parallel channel around $13.77 and the 20-EMA line at $13.68.

If bulls crack resistance at the middle line around $13.90, the next hurdle is $14.45. The price level features the 78.6% Fibonacci retracement level of the move from $15.87 high to $11.98 low.

A breakout above this hurdle on increased upside momentum could see bulls target the level around $17.00.

However, a bearish scenario will unfold and strengthen if LINK/USD retests the lower trendline and dips below $13.00

On the 1-hour chart, the outlook is much the same. Bulls need to keep prices above the 20-EMA as they target the 61.8% Fibonacci level ($14.25).

A clear break above this level will signal the intention to attack the upper trendline near $15.30. If not, bears will remain in the picture.

The post ChainLink price: bulls eye breakout to $17.00 appeared first on Coin Journal.

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