Chainlink (LINK) plunged to an intraday low of $9.10 on Sep. 5, which is just above the critical support at $8.90 and the 100-day SMA ($8.69).
The sharp rebound off the support shows that the bulls have aggressively purchased at lower levels.Currently, the bulls are attempting to push the price above the 50-day SMA ($12.29). Above this level, the bears could again pose a stiff challenge at $12.89. If the LINK/USD pair turns down from either level, the bears will try to sink the price below the $8.90 support.
Conversely, if the bulls can push the price above $12.89, a move to the downtrend line is possible. A break above this level will suggest that the bulls are back in command and a rally to $17.7777 is likely.