Another Bounce For Chainlink Eyes 40% Hike in LINK Price

As the broader market recovers from the bearish impact of the East Asian crisis, the altcoins are making a comeback. Amongst such recovering coins, LINK price action reflects a high potential bull run starting with another bounce back.

The $13 support level provides the cushion for a bullish turnaround for the third time and teases a sharper recovery. Will this turnaround rally lead Chainlink to an upside rally to cross $20? Find out more in our LINK price prediction. 

Chainlink Price Performance

On a sideways track in the daily chart, the LINK price action struggles to sustain bullish momentum. Taking multiple dips on the crucial support level of $13, a death cross looms over the chart as the 50D EMA shows a downtick.

Tradingview

The recent 40% dip to the $13 level breaks under the 200D EMA. However, the LINK price finds another boost in bullish momentum, leading to a jump of 18% in the last five days. 

The recovery rally leads to a V-shaped reversal and reclaims the psychological mark of $15. Currently, the LINK price trades at $15.475 with an intraday move of 2.49%, reflecting an increase in underlying bullishness. 

Technical indicators:

EMA: The 200D and 50D EMA projects a high possibility of a death cross. However, the recovery rally crossing above 50D EMA will limit the chances and could restart the uptrend.

Will LINK Price Cross $20?

With the recovery rally gaining momentum as the market recovers, the LINK price presents an opportunity to buy the dip. If the Chainlink price trend maintains a positive trajectory, the altcoin could surpass the $20 mark. Optimistically, the uptrend could hit the $30 mark.

On the flip side, a reversal from the $16 level could lead to another drop at the $13 mark. Further, a drop below $13 will prove fatal for Chainlink, leading to a 30% potential drop to $8.50.