Chainlink Price Hints 20% Upswing Amid Key Resistance Breakout
Highlights
- The LINK price may extend the current correction trendline until a downsloping trendline is intact.
- Amid the recent price jump, the Chainlink coin attempts to regain the 200-day EMA slope to bolster its recovery rally.
- The intraday trading volume in the LINK coin is $412.5 Million, indicating a 68% gain.
Following the Fourth Bitcoin Halving on Friday, the cryptocurrency market experienced a broad recovery rally, with significant gains across major coins. By Monday, Bitcoin had surpassed the $65,000 mark, reinforcing the momentum of recovery in the altcoin sector. In this upbeat market environment, the Chainlink price rallied from its $12.75 support level, posting a 20% increase to hit $15.3. With this post-halving surge, can the LINK price exceed $20 in April?
Also Read: Crypto Price Prediction 4/22: Bitcoin Above $65k Sparks Fresh Relief Rally
Is Chainlink Price Heading to $20?
The near-term trend in Chainlink price is bearish evidenced by the downsloping trendline in the daily chart. The dynamic resistance plunged the coin value from $22.8 to $11.78, registering a 48% loss.
Amid the Bitcoin halving, the LINK price stalled its correction at $12.7, above the 61.8% Fibonacci retracement level. In theory, this level stands as a crucial support level for buyers to reclaim trend control.
Following five consecutive green candles on the daily chart, the Chainlink coin has rebounded to $15.37, boosting its market capitalization to $9.028 billion.
If the bullish momentum persists, the LINK price could rise another 5% this week to rechallenge the overhead trendline. A potential breakout from this barrier will signal the end-of-correction trend and favor buyers for a higher rally.
The post-breakout rally could bolster buyers to chase potential targets of $18.6, followed by $20.7, and $22.8.
On a contrary note, if the supply pressure at the resistance trendline persists, the LINK coin could revert lower and tease a breakdown below $12.7 support.
Also Read: Bitcoin and Ethereum Bleed $226 Million In Outflows, CoinShares Report
Technical Indicator
- Exponential Moving Average: The downsloping 50-day EMA slope offers additional resistance to lead the near-term bearish trend.
- Moving Average Convergence Divergence: A bullish crossover between MACD(blue) and Signal(orange) lines indicates a renewed recovery in the market.
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