After the Fourth Bitcoin Halving on Friday, there was a widespread rally in the cryptocurrency market as major coins saw significant gains. By Monday, Bitcoin had reached a new high of over $65,000, boosting the morale of investors in the altcoin sector. In this optimistic market situation, Chainlink’s price climbed from its support level of $12.75, resulting in a 20% increase to reach $15.3. With the post-halving surge, there is a possibility that the LINK price could break through the $20 barrier by April.
Is Chainlink Price Heading to $20?
The near-term trend in Chainlink price is bearish evidenced by the downsloping trendline in the daily chart. The dynamic resistance plunged the coin value from $22.8 to $11.78, registering a 48% loss.
During the Bitcoin halving, the LINK price paused its decline and held steady at $12.7, which is above the 61.8% Fibonacci retracement mark. Typically, this point acts as an essential support for buyers aiming to regain dominance in the market trend.
After five straight days with green candles on the daily chart, the price of Chainlink has bounced back to $15.37. This has increased its total market value to a staggering $9.028 billion.
Should the bullish trend continue, the LINK price may surge an additional 5% this week, attempting to breach the resistance line once more. If the price manages to exceed this threshold, it would indicate the conclusion of the correction phase, making it advantageous for investors to buy and prepare for a potential price increase.
After a price breakout, the ensuing rally might encourage investors to pursue goals of $18.6, then $20.7, and ultimately $22.8.
If the pressure from suppliers continues at the resistance trendline for the LINK coin, it might instead go back down and potentially fall below the support of $12.7.
Technical Indicator
- Exponential Moving Average: The downsloping 50-day EMA slope offers additional resistance to lead the near-term bearish trend.
- Moving Average Convergence Divergence: A bullish crossover between MACD(blue) and Signal(orange) lines indicates a renewed recovery in the market.
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2024-04-22 22:09