Chainlink (LINK), a decentralized oracle network, has emerged as one of the strongest performers in the cryptocurrency market. The digital asset broke back above its 200-day moving average amid high trading volumes, signaling renewed bullish momentum.
Notably, Chainlink has historically led the overall crypto market upswing before consolidating. As the total crypto market cap follows LINK’s lead, investors wonder if this time will be different.
Chainlink’s Technical Analysis
According to crypto analyst Daan Crypto Trades, Chainlink decisively breached a critical resistance zone represented by the green horizontal region on the chart. He tweeted: “$LINK One of the strongest performers this week. Broke back above the Daily 200MA and high volume area. Last area of defense here at the green horizontal region. Flipping that should lead back to the $20s after I’d say.”
$LINK One of the strongest performers this week.Broke back above the Daily 200MA and high volume area.Last area of defense here at the green horizontal region. Flipping that should lead back to the $20s after I'd say. pic.twitter.com/PXKCdQVEZ8
— Daan Crypto Trades (@DaanCrypto) May 19, 2024
Moreover, Daan Crypto Trades highlighted Chainlink’s tendency to rally sharply before the broader market follows suit. “The $TOTAL Crypto Market Cap being led by $LINK. Two times before this cycle, LINK has led the overall market with a strong push. Good omen?” he questioned, implying that Chainlink’s current upswing could signal an imminent broader market recovery.
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Bullish Technical Setup
Corroborating the optimism, analyst Wick shared a bullish technical analysis setup for Chainlink. He tweeted: “$LINK My favorite TA setup of all time: Green Dot to confirm a blue bottom signal. Notice how non of the other bottoms had a green Dot. Those are all delineated. We also have a squeeze breakout arrow on the green Dot confirmation.”
As per the latest data from CoinGecko, Chainlink is currently trading at $16.71, representing a 22.93% price increase over the past seven days despite a 1.85% decline in the last 24 hours. The 24-hour trading volume for the digital asset stands at an impressive $657,613,799.80.
Hence, the cryptocurrency market will closely monitor Chainlink’s price action in the coming days to gauge if its historical tendency to lead market rallies will play out once again.
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The post Will Chainlink’s Price Hit $20? Here’s Why These Analysts are Bullish on LINK appeared first on CaptainAltcoin.
