Chainlink rebounded toward $13 after retreating from its late-September peak. LINK holds above its 50-day moving average, while an analyst outlines a possible move to $16.50–$19.50 and allows for another pullback.
Chainlink traded at $12.952 on Oct. 13, after a session low of $12.259 and a high of $13.193. The rebound put LINK above its 50-day simple moving average, although the token remained below its shorter-term trend line.
Against the late-September high near $15.74, LINK was still down approximately 17.7%. The daily chart also showed a series of lower highs following the September rally.
Chainlink faces its first recovery test at $13.75
The daily chart placed the 20-day simple moving average at $13.746, roughly 6.1% above LINK's price, while the 50-day average stood at $12.592. A sustained move above $13.75 would reclaim the shorter-term average lost during the correction. The recent trading area around $14 would then become the next nearby reference.
Momentum, however, was weaker. The Bull Bear Power indicator stood at minus 1.083, and the latest rebound had not yet returned it above zero.
Weekly buying pressure stays positive
Weekly Chaikin Money Flow stood at 0.15, above zero during the pullback and in contrast with the negative daily Bull Bear Power reading. On the weekly chart, the Bollinger Bands put the upper band at $14.987 and the middle line at $10.230.
CoinGlass's one-month liquidation heatmap showed clusters around $14.70 and $15.80 above the price. Below the market, it showed bands around $12.10, $11.60–$11.90, and approximately $10.90–$11.20.
Analyst outlook remains conditional
Team LAMBO Charts described the recovery as solid and watched for a possible continuation toward $16.50–$19.50, while allowing for another pullback. From approximately $12.95, $16.50 represents a gain of about 27%, while $19.50 would require roughly 51%.
Rand Group separately described LINK as bouncing above its main horizontal support and called the setup a key decision point. On the daily chart, the nearest test remains $12.59, followed by the session low at $12.26.
Source: crypto.news
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