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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