The coin on the 1-hour LINK/USD chart shows that there is an extended period of consolidation and then a strong breakout and a corrective pullback. During the period 22 nd to 27 th, there was a tight zone between $12.10 and $12.50 where the token was trading, and it created a good base.
Several higher lows and highs around the $12.15 to $12.20 region were indicative of continued demand, which meant the sellers were slowly losing the ropes, even though no strong upward movement was experienced.
Source: Open Interest
The breakout was on the 28th-29th because the bullish pressure grew and the price rose beyond $12.40 and then took off at a steep pace to reach a local high of about $13.00. This hasty action was a change in the short-run structure of the market.
Nonetheless, high overhead resistance led to a rapid pattern of reversal and the price retreated back to the zone of between $12.55 and $12.60. According to the last trading session, the token is trading around the value of $12.53, which is not an act of structural weakness, but a sign of weakening momentum.
In a 24-hour chart, Chainlink Price is positive, with impressive intraday buying trends. The activity of price indicates that the token is trading in a big band between the range of $12.33 to $12.96.
The session started with downward price movements to the low level of $12.33, with buyers intervening in the market strongly, creating a short-term demand floor. The extended support zone between $12.30 and $12.40 was strengthened at this level.
Source: BraveNewCoin
After the recovery, the coin slowly climbed up to the levels of $12.45 and $12.60 and got into a sudden mid-session bullishness, which drove the price to a level of $12.90.
Despite a brief profit-taking that drove the price back to the $12.70-$12.75 level, new purchasing pressure propelled the token again to $12.94. Trading towards the upper end of the range is a sign of continued bullish activity even when the volatility is rising.
The token on the daily time frame indicates a larger shift in the market as opposed to a verified turnaround. LINK has already reached a high around the $28-$30 zone and has since been in a long period of decline characterized by the low highs and lows up until September and October. In early October, a sharp decline with a high volume took the price below the range of 18 and set a strong bearish control.
Source: TradingView
The price has been in a sideways consolidation, ranging from $12.00 to $13.50, since November, with the current price standing at $12.50. The reduction in volume relative to the sell-off stage is an indication of less downside pressure and rising equilibrium.
The MACD chart has flattened around the zero line with marginally positive histogram values indicating the decline in bearish momentum. The token models indicate that, at $12.00, they have significant support, but at the upper end, the resistance is at $13.50-$14.00, which is needed as confirmation of the larger trend change.
