On September 24, after the price of Chainlink rallied to defend the $12 level during the recent pullback, the price bounced back above $12.50.
At the time of writing, according to market data, the price of LINK is $12.59, which represents a 2.31% increase over the last 24 hours. The token had been trading between $12.10 and $12.73, making the price close to the upper half of the daily trading range.
Notably, the new recovery reinforces the $12 short-term support level. The new recovery has confirmed the $12 short-term support level. At the same time, technicals indicate that prices have rebounded from a previous drop from the $13 level.
LINK Buyers Continue Defending $12
Meanwhile, the biggest near-term support that Investor Jordan is looking at is $12.
The daily chart of Chainlink indicates that the coin is coming back from the weekly resistance level at $13.
Then Price entered a support box that included the $12 area. So far, that area has been under the control of buyers. Source: Investor Jordan Via X
Another test of the support zone is likely in Jordans forecast before a larger recovery. His next moves are towards new area highs and then hitting the $14–$15 area.
That move is still a ‘technical scenario’ and not a confirmed target. Resistance from the recent swing high is highlighted on the chart around the weekly time frame. The big bull market indicated in the analyst chart wouldnt kick in until LINK returns to that level.
If price falls below $12 on the next trading day, then the short-term scenario would shift. Jordans chart has the next significant weekly support much lower at the $10.70 region.
A psychological support level is also in the vicinity of $9.80 on the same structure.
Chainlink Price Rebounds From $12.10
According to the BraveNewCoin data, LINK touched $12.10 before bouncing back to a daily high. The token rallied to $12.73 shortly after, generating a $0.63 trading range over the 24-hour period.
The market cap of LINK is around $9.42 billion. The total 24-hour volume reported was approximately $450.96 million.
The available supply is 748.10 million LINK. Source: BraeNewCoin
The recovery continues, and Chainlink is still far from its all-time high. The highest price of LINK on market data is $52.70, which occurred in May 2021.
At $12.59, LINK trades about 76.11% below that level. Looking at Intraday charts, the price tested several times around $12.20, which was subsequently taken over by buyers as LINK traded later.
The price then moved back to the $12.50 level and headed to its daily high. That leaves $12.73 as the closest resistance that we see on the chart from the current session.
Technical Shows Recovery but Weak Money Flow
Meanwhile, Link is currently near $12.5888 on the one-minute time frame at TradingView. Price started trading around the $13 mark before dropping significantly on September 23. It eventually settled and established a lower trading band at $12.30 to $12.60.
That latest move bumped the price back towards the top of the range. There are a few Bollinger band signals during the recovery. Source: TradingView
There were some who had lower band signals along with some short-term lows and upper band sell signals near local tops.
The latest signal is located near the current price following a midday LINK drop. The Chaikin Money Flow reading is still at -0.56; however, the negative CMF reading indicates that although the price has recovered, money flow has grown weaker during the period as a whole.
This results in a temporary price/volume mismatch. LINK has therefore broken above its key $12 support level but has yet to break the recent resistance range of $12.73 to $13.00.
If it goes through that zone, it would set a new short-term high. The next drop towards $12 will determine whether they can hold the bulls at bay.