Claim $500Chainlink 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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
