The ChainLink (LINK) price recovered from trading as low as $13.08 to reach a high of $13.87, with bulls aiming for a short-term breakout toward $17.00.
Despite the recent bullish attempt that pushed LINK to $13.87, the ChainLink price remains negative on both the daily and weekly timeframes. This follows a broader crypto-market sell-off that caused LINK to drop to $11.90 on November 26.
At the time of writing, the LINK token is down 5.69% over the past 24 hours and 11.08% over the last seven days, while bulls are attempting to push the price above $14.00.
Technically, price charts suggest bulls could briefly push LINK toward $17.00 before momentum fades.
LINK/USD Daily Chart
As shown in the daily chart below, prices have been oscillating within an ascending parallel channel formed in October. The channel’s upper trendline now represents resistance around the $17.00 price level.
The chart also indicates the potential for a bearish flip if buying pressure weakens before a breakout above that resistance level. In that scenario, bears would target $13.00 and then $11.00.
LINK/USD 4-Hour Chart
The 4-hour and hourly charts present a meaningful setup for both bulls and bears.
In both timeframes, LINK managed to rebound and is trading just above the lower boundary of the ascending parallel channel. Bulls need a breakout toward the channel’s midline to confirm a continuation of the short-term bullish move seen in recent hours.
Conversely, bears will be watching for a breakdown below the channel’s lower boundary, which could accelerate downside pressure and undermine bulls’ near-term ambitions.
On the 4-hour chart, LINK trades near the channel’s lower boundary at $13.77 and around the 20-EMA at $13.68.
If bulls can clear the midline resistance near $13.90, the next obstacle sits at $14.45. That level coincides with the 78.6% Fibonacci retracement of the move from $15.87 down to $11.98.
A decisive breakout above this resistance, supported by renewed upward momentum, could set the stage for bulls to target the $17.00 area.
However, a bearish scenario would unfold and gain strength if LINK retests the lower trendline and breaks below $13.00.
LINK/USD 1-Hour Chart
The 1-hour chart shows a similar outlook. Bulls need to keep prices above the 20-EMA while pushing toward the 61.8% Fibonacci level at $14.25.
A strong break above $14.25 would indicate intent to challenge the upper trendline near $15.30. Failure to do so would keep bears in play and leave downside risk intact.