Chainlink is trading around 13.651 on the 4H timeframe after a steep pullback from the recent high near 15.500, now testing the horizontal zone near 14.00 to 14.50 that marked the launch point for the final leg of this rally.
The broader structure shows a strong rally off the FVG and demand zone near 10.00 to 10.50 in mid August, where the ascending trendline from that period also converges. Price climbed steadily from that zone, consolidating in a descending triangle through late August and early September before breaking out and continuing higher, tagging a spike high near 13.70 in early September before pulling back to retest the trendline near 11.00. That retest held, launching the most recent and strongest leg of the move, which carried LINK from around 11.00 all the way to the fresh high near 15.500 with only brief pauses along the way.
Price has now pulled back sharply from that high down to 13.651, testing the former breakout zone near 14.00 that should act as support if this structure remains intact.
Key Levels To Watch:
→ 15.500 Recent high, breakout extension top
→ 14.500 Prior resistance, now key support to reclaim
→ 13.651 Current price, testing former breakout zone
→ 13.000 Near term support, recent consolidation level
→ 11.000 Trendline support, prior retest level
→ 10.500 FVG and demand zone, trendline origin
Holding above 13.00 keeps this breakout structure intact, and a reclaim of 14.500 would set up another attempt at the 15.500 high with room to extend into fresh territory if momentum returns.
Losing 13.00 would signal a deeper corrective phase, bringing the trendline near 11.00 back into focus, with the 10.50 demand zone as the last major structural support if the pullback extends further.
Hold above 13.00 and LINK stabilizes for another leg higher. Lose it and this pullback extends into a deeper retracement.
Bias stays cautiously bullish given the strength of the breakout, but this sharp pullback needs to find footing soon to keep the broader structure healthy.