The post Chainlink Price Analysis: LINK Price Hits $20, Eyes 40% Rally? appeared first on Coinpedia Fintech News
Story Highlights
- Chainlink price soars ~11% in 24 hours and is currently valued at $20.53.
- Technical indicator EMA 50/200-day record a Golden Cross in the daily time frame.
- Sustained bullish sentiment could push the price of this altcoin toward $26 this month.
Despite the Bitcoin price losing momentum, the altcoin market has displayed an impressive price rally over the last seven days. Moreover, by successfully reclaiming the $20 mark, the LINK price continues to be under the limelight of investors.
With the LINK price hovering close to its 52-week high, will the Chainlink price maintain its bullish price action and surpass the $23 mark this week? In this article, we have covered the possible short-term price prospect of the Chainlink (LINK) crypto token.
Chainlink Price Experiences Increased Bullish Price Action!
With an intraday surge of 10.83% and a trading volume of $1.672 billion, the LINK coin price has maintained its bullish price rally. Notably, this altcoin is trading within an ascending channel pattern and has surged ~77% over the last 3 weeks.
The EMA 50/200-day has displayed a Golden Cross in the daily time frame. This highlights a significant increase in the buying pressure for the Chainlink token in the crypto market.
Further, the Relative Strength Index (RSI) has breached the overbought range in the LINK price chart. With its average trendline experiencing a steady rise, this altcoin is projected to continue adding value to its portfolio this week.
Will LINK Price Record A New 52-week High This Week?
Maintaining the price above its support level will set the stage for the Chainlink token to retest its resistance level of $23. Furthermore, if the bullish sentiment intensifies, this could push the price toward its upper price target of $26.
On the flip side, a bearish reversal could pull the price toward its support level of $20. Moreover, if the bears dominate the cryptocurrency space, this could result in this altcoin plunging toward its lower support trendline of $17 this month.
Curious to explore the long-term price prospects of the LINK crypto? Read CoinPedia’s Chainlink Price Prediction and subscribe to us to stay updated on the latest cryptocurrency news!
FAQs
For LINK price to achieve this price target, it will require a surge of 143.54% in its current valuation.
The Chainlink crypto token surged 76.89% in November, resulting in it being closely monitored by top crypto investors and whales.
If the bullish sentiment sustains, it may surpass the $100 mark with a potential high of around $103.
