LINK Price Prediction: Will It Break $20?
Altcoins are making a comeback as the broader market recovers from the negative impact of the East Asian crisis. Among these recovering coins, LINK’s price action reflects a high potential bull run with another rally as the starting point.
The $13 support level provides a cushion for a third bullish turn and signals a sharper recovery. Will this reversal rally lead Chainlink to bounce upwards and break above $20? Learn more in our LINK price prediction.
LINK price action has struggled to maintain bullish momentum on a sideways track on the daily chart. Multiple declines at the critical support level of $13 have seen a death cross loom on the chart as the 50-day moving average shows a decline.
The recent 40% drop to $13 has seen it fall below the 200-day moving average. However, LINK price has once again been driven by bullish momentum, gaining 18% in the past five days.
The recovery rally has resulted in a V-shaped reversal and recaptured the psychological $15 mark. Currently, LINK price is trading at $15.475 with an intraday gain of 2.49%, reflecting the strengthening of underlying bullish sentiment.
Technical indicators:
EMA: 200-day and 50-day EMA predict a high probability of a death cross. However, a recovery rally above the 50-day EMA will limit the chances and could restart the uptrend.
As the market recovers and the recovery momentum increases, LINK price offers an opportunity to buy on dips. If the Chainlink price trend maintains a positive trajectory, the altcoin may cross the $20 mark. Optimistically, the uptrend may hit the $30 mark.
On the other hand, a reversal from the $16 level could result in another drop to the $13 mark. Moreover, a drop below $13 would be fatal for Chainlink, leading to a possible 30% drop to $8.50.
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