Chainlink Price Jumps 20%, LINK Price Eyes To Hit $17?

The cryptocurrency market is currently valued at $2.24 Trillion with a jump of 0.68% in the past 24 hours. Moreover, the altcoin leader, Ethereum price has reclaimed the $2.6K mark. This highlights a positive outlook for the altcoin market in the coming time.

With this, ETH-based tokens have recorded a similar trend. On the other hand, the Chainlink price has successfully retested its major support level, indicating increased bullish action.

LINK Crypto Records Increased Bullish Action

With the rising bullish sentiment in the cryptocurrency market, the Chainlink price has jumped 6.77% in the past day with a trading volume of $346.40 million. Moreover, it has added 17.70% to its portfolio over the past week, indicating increased bullish action for the altcoin in the market.

Despite recording a correction of ~18% this year, this Ethereum-based altcoin has managed to stay within the list of top 15 cryptocurrencies with a market capitalization of $7.714 billion.

Chainlink Technical Sentiment

The SMA indicator has recorded a bullish convergence in the 1D time frame. This suggests an increase in the buying pressure for the LINK crypto in the market.

Further, the Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram in the Chainlink price chart. Moreover, its averages record a bullish rise, suggesting a positive outlook for the altcoin in the crypto space.

Will LINK Price Hit $20 This Q4?

If the market continues to favor the bulls, the Chainlink price will prepare to test its resistance level of $14. Maintaining the price at that level will set the stage for it to head toward its upper high of $17 in the coming time.

On the contrary, if a bearish reversal occurs, the LINK coin price will retest its support level of $11. Furthermore, if the bearish sentiment intensifies, this altcoin could plunge toward its new yearly low.

For long-term price projections, read our Chainlink (LINK) Price Prediction.