Chainlink rebounded this week, showing a stronger uptrend as the broader market bullish momentum strengthened. The LINK price trend showed a bullish reversal at the key $13 support level and is expected to surge to a new high of $52W.
Chainlink is waiting for a boost as buying pressure increases and the health of the DeFi space improves. Will the bull run for LINK price break above $20? Check out our LINK price prediction for the long term.
Chainlink Price Performance
LINK price action is forming its third consecutive bullish candle after a massive 25% increase in 72 hours. A sudden increase in demand at $13 has pushed the token price past the $15 mark and surpassing the previous supply peak.
The recovery rally started with a double bottom pattern, breaking above the neckline at $14.67. Moreover, the bulls surpassed the pullback trendline, reflecting a breakout in the 1D chart.
Currently, the LINK token price is trading at $16.41, with an intraday gain of 5.66% and a 24-hour trading volume increase of 218%. Therefore, the consolidation momentum of the reversal rebound indicates the possibility of forming a new 52W high.
Technical indicators:
The bullish crossover of the DMI:VI line was accompanied by a rise in the ADX line, reflecting the beginning of a high momentum bull market.
RSI: The daily RSI lines show a rise and are almost approaching the overbought zone. Therefore, the momentum indicator supports the possibility of a bull market.
Will LINK Price Surpass $20?
The uptrend is supported by increasing trading volumes as the broader recovery gathers momentum. As LINK price shows a trendline breakout, the continuation of the uptrend is likely to reach $18 or the 50% Fib level.
On the optimistic side, the altcoin could surge towards the $23 mark. On the downside, a retest of the $15.65 support level is likely.
(Personal opinion, not a recommendation)
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
