Chainlink price broke out of a descending parallel channel and must defend a crucial support level. If bulls can hold the critical level at $13, Chainlink price can quickly climb towards $17. Chainlink was trading inside a long-term descending parallel channel on the 4-hour chart. On January 3, LINK broke out of the pattern and saw a lot of continuation towards $15. Now, Chainlink is re-testing the upper resistance trendline of the previous pattern. Chainlink price needs to hold $13, but not everything is in its favor After a breakout of a parallel channel, it’s quite common for the asset to drop back down and retest the previous resistance level. If this level is held, the digital asset will go on to climb to the bullish price target, in this case, $17. LINK/USD 4-hour chart The In/Out of the Money Around Price (IOMAP) chart shows very little resistance to the upside compared to the support below. The most significant support area is located between $12.6 and $13 which coincides with the theory above. LINK IOMAP chart As long as bulls can hold this area, Chainlink price can quickly climb above $16 targeting $17. However, the TD Sequential indicator is on the verge of presenting a sell signal on the 12-hour chart, within the next five hours. Confirmation of this call can push LINK towards the support level at $13 again, adding selling pressure. LINK/USD 12-hour chart The next potential price target if $13 is decisively lost would be $11. Additionally, this breakdown would significantly shift the odds in favor of the bears in the longer-term. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Breaking: British PM Johnson to announce new national lockdown for England, starting midnight – BBC FX Street 2 years Chainlink price broke out of a descending parallel channel and must defend a crucial support level. If bulls can hold the critical level at $13, Chainlink price can quickly climb towards $17. Chainlink was trading inside a long-term descending parallel channel on the 4-hour chart. On January 3, LINK broke out of the pattern and saw a lot of continuation towards $15. Now, Chainlink is re-testing the upper resistance trendline of the previous pattern. Chainlink price needs to hold $13, but not everything is in its favor After a breakout of a parallel channel, it’s quite common for the asset… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.