Elena R
The Chainlink price has gained significant attention from investors over the past months after the excitement for the Real World Assets (RWA) sector took a rise, which resulted in acting as an excellent catalyst for the Link price.
Further, the LINK token has added over 15% within the past day and added over 30% during the past week, indicating a strong bullish influence for the coin in the crypto space.
The Chainlink price traded in a narrow space between $14.710 and $15.411 for a while, following which the bulls attempted a breakout, but the bears overpowered the bulls, resulting in a correction of 14.5% in valuation. After this, the price traded between $13.658 and $14.710 for a while.Â
As the market volatility grew, the LINK price broke down its support level and traded sideways for a while. Following multiple attempts to break, the bulls successfully regained momentum and jumped approximately 15 % before facing rejection below $14.710.
After this, due to increased price fluctuations in the market, the LINK token bounced between $13.658 and $16.477 for almost two weeks. Following this, the bears regained power, and the LINK coin price recorded a loss of over 17% within the next few days. The LINK price traded between $13.658 and $14.710 for a brief period.
Following this, the price recently regained momentum and recorded a breakout in the chart. The Chainlink price experienced a Golden Cross on its Cross EMA 50/200-day indicator, resulting in the price jumping over 15% within the early trading hours today.
Will LINK Price Hit $20 Soon?
The MACD displays a rising green histogram, indicating an increase in the buying pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming time.
If the market holds the price above the support level of $17.677, the bulls will regain momentum and test its resistance level of $18.746. Maintaining the price at that level will set the stage for Chainlink coin to attempt to test its upper resistance level of $20 this month.
Conversely, if a trend reversal occurs, the LINK price will lose momentum and fall to test its support level of $16.477 this week. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its lower support level of $15.411 in the coming days.
