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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- May 17, 2024 09:22 UTC
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LINK Price Jumps 25% Amidst Buying Spree, Eyes $20 Break
The LINK price trend shows a sudden increase in demand at the $13 support.
The 25% jump within 72 hours reflect a bull run in motion.
An uptrend continuation could surpass the $20 peak.
As the bullish momentum increases in the broader market, Chainlink bounces back this week, for a stronger uptrend. The LINK price trend shows a bullish reversal from the crucial support of $13 and projects a potential surge to a new 52W high.
As the buying pressure is on the rise and the improving health of DeFi sector, Chainlink is awaiting a boost. Will the bull run in LINK price cross $20? For a long-term perspective, check out our LINK price prediction.
Chainlink Price Performance
With a massive surge of 25% within 72 hours, the LINK price action is forming the third consecutive bullish candle. The sudden increase in demand at $13 pumps the token price above the $15 mark and surpasses a previous supply peak.
The recovery rally starts with a double bottom pattern as it breaks above the neckline at $14.67. Further, the bull run exceeds the pullback trendline, reflecting a breakout in the 1D chart.
Currently, the LINK token price trades at $16.41 with an intraday growth of 5.66% and a 218% rise in 24H trading volume. Hence, the grooming momentum of the reversal rally shows a likelihood of a new 52W high formation.
Technical indicators:
DMI: The bullish crossover in the VI lines comes with an uptick in the ADX line reflecting the start of a high momentum bull run.
RSI: The daily RSI line shows an uptick to almost the overbought zone in a single jump. Hence, the momentum indicator supports the bull run possibility.
Will The LINK Price Cross $20?
With the broader market recovery gaining momentum, the increasing trading volume in Chainlink supports the uptrend. As the LINK price shows a trendline breakout, the uptrend continuation could hit $18 or the 50% Fibonacci level.
Optimistically, the altcoin could surge to the $23 mark. On the downside, a reversal for retest could hit the $15.65 support.
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