Chainlink: Why holding this level will be key for a bull revival

ambcrypto.com:

After coasting within the bounds of a down-channel for nearly a month, Chainlink [LINK] pierced through some critical price ranges in the last few weeks. In the recent bear run, the sellers kept sinking the resting grounds only to find fresher multi-month lows.

Giving due importance to the existing market structure, the current candlestick could propel bearish tendencies in the coming times. At press time, LINK was trading at $11.17, up by 1.4% in the last 24 hours.

LINK 4-hour Chart

Source: TradingView, LINK/USDT

Despite upholding the $11-mark for over 15 months, the bulls failed to defend this level after the bears put their best foot forward in the recent sell-offs. Naturally, it became possible for them to pull off a 41.74% drop over the last month.

Protecting the $13-$14 range was vital to continue a gradual recovery on LINK’s troughs. But the late April sell-off entailed a bunch of bearish engulfing candlesticks that pulled LINK below all the vital price points. After pulling the alt to its 16-month low on 1 May, the buyers finally found a recouping zone at the $10.6-mark. 

Should the 20 EMA (green) continue to pose barriers, a further pullback can cause a test of the median (red) of the pitchfork at the $10.8-level. Further, with the lower and upper band of Bolinger Bands (BB) looking north and south, respectively, LINK could curb its volatility in the coming times.

Rationale

Source: TradingView, LINK/USDT

The Relative Strength Index failed to test the boundaries of its equilibrium for the last 12 days. Thus, it visibly depicted a seller’s market while looking south.

Also, the CMF corresponded with the recent recovery but refrained from crossing above the zero-mark. So, the buyers still needed to up their game in order to