Chainlink Price Eyes Recovery at $12.30-$13.21

Chainlink's (LINK) price has pulled back from its September high of $13.70, but crypto analyst More Crypto Online believes the token could experience further volatility before establishing a clearer recovery structure.

The analyst suggests that the current decline may represent wave (A) of an ABC pullback, which would imply that LINK's price is due for a rebound. The first resistance zone to monitor is between $12.30 and $13.21, with a sustained recovery above this area strengthening the case for a rebound.

The Relative Strength Index has fallen to 31.58, approaching oversold territory, while the MACD has moved deeper into bearish territory. However, these readings indicate strong selling pressure, but also suggest that the market could be approaching a point where downside momentum begins to stabilize.