Chainlink Price Analysis: LINK Price Bullish Pattern Hints A 40% Rally?

Story Highlights

• The Chainlink price is up 71.8% this month.
• Technical indicator EMA 50/200-day registers a Golden Cross, indicating a higher price mark.
• Sustained bullish sentiment to push price beyond $25 this year.

Despite the Bitcoin price struggling to achieve the milestone of $100,000, the altcoin market has recorded a strong bullish recovery. Moreover, the LINK price has recorded a multi-month high, highlighting increased positive influence.

Will the 16th largest cryptocurrency maintain its bullish price rally and record a new 52-week high? Or will this altcoin experience a strong bearish pullback at its important resistance of $20?

LINK Price Soars Over 70% This Month!

Amid increased volatility in the crypto space, the Chainlink price has maintained its bullish run by adding 11.72% to its portfolio in 24 hours with a trading volume of $1.24 billion. Moreover, with a bullish breakout, it has retested its April high today.

The EMA 50/200-day has experienced a Golden Cross in the Chainlink price chart. This highlights an increase in the buying pressure for this Ethereum-based altcoin in the crypto market.

The Moving Average Convergence Divergence (MACD) shows a constant rise in the green histogram, with its averages showing a similar price action. This suggests that the Chainlink price may continue gaining value this week.

How High Will Chainlink Price Go?

Maintaining its bullish sentiment could push the LINK price toward its resistance level of $20. Furthermore, if the bulls dominate the crypto space, this could push this altcoin toward its upper resistance level of $23 during the upcoming time.

In contrast, if a bearish reversal happens, the Chainlink price could retest its support level of $17. Moreover, if the bears outrun the bulls, this could pull the price toward its lower support level of $14 this year.

Curious to know, when will LINK price hit $50? Read CoinPedia’s Chainlink Price Prediction and also subscribe to us to stay updated on the latest crypto news!

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