Chainlink (LINK) is holding the key $12.50 support level, similar to bitcoin at $18,500. The price is likely to start a strong increase above $13.50 as long as it is above $12.50.
- Chainlink token price is consolidating above the key $12.50 support against the US dollar.
- The price is now facing hurdles near $13.50 and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price is likely to break above $13.50 unless there is a clear break below $12.50.
Chainlink (LINK) Could Rally above $13.5
In the past few sessions, there were mostly range moves in bitcoin, Ethereum, ripple bitcoin cash, chainlink (LINK), and other major altcoins. LINK price started a short-term downside correction after it failed to stay above $14.00.
A high was formed near $14.25 before the price declined below $13.50 and $13.00. However, the bulls protected the main $12.50 support area. A low is formed near $12.50 and the price is currently rising. There was a break above the $13.00 level.
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The price even spiked above the 50% Fib retracement level of the recent drop from the $14.25 swing high to $12.50 swing low. It is now facing hurdles near $13.50 and…