Chainlink (LINK) token price has increased by 12% in four days, reflecting a high momentum reversal rally.
LINK price action shows a double-bottom reversal from the $12.242 support zone.
With whales buying over 10 million LINK tokens in the last two weeks and momentum indicators bolstering the bull run possibility.
Amidst a bullish revival in the altcoin market, the Chainlink (LINK) token is witnessing a high momentum reversal rally. The LINK token price has surged by an impressive 12% over the past few days before experiencing an intraday hit of 2.14% today.
As the altcoin currently trades in the $14 range, it is revealing the potential for a bull run to reach the $20 mark in the coming weeks.
Breaking the streak of four consecutive bullish candles on a high note with a 7% jump, sideline traders are closely monitoring Chainlink’s performance.
The question on everyone’s mind is whether the bullish engulfing candle will reinstate the bull run towards the $20 target. For a more comprehensive long-term outlook, be sure to check out our LINK price prediction.
Chainlink Price Performance Analysis
As the cryptocurrency market bounces back, Chainlink’s price is experiencing a bullish revival, showcasing a double-bottom reversal pattern from the $12.242 support zone. The price jump accounts for a 13.73% increase over the last five days and is currently testing the $14.50 neckline.
Moreover, the LINK price action reveals a trendline breakout rally that is gaining momentum. However, the intraday drop serves as a warning of a potential retest phase of the broken resistance trendline.
According to a recent tweet by Ali, a top crypto analyst, Chainlink whales have been accumulating over 10 million LINK tokens in the last two weeks. At current market prices, this accumulation amounts to nearly $140 million.
#Chainlink whales have bought up over 10 million $LINK in the last two weeks, totaling approximately $120 million! pic.twitter.com/9sFtpvn2Ri
— Ali (@ali_charts) July 15, 2024
Despite the intraday drop, the overall sentiment surrounding Chainlink remains optimistic. With whales accumulating a significant amount of LINK tokens and the breakout rally gaining momentum, the LINK price is showing a high potential to reach the $20 target.
However, it is crucial to keep an eye on the $16.75 resistance level, as it represents a significant supply zone that could potentially hinder the upward movement.
