Chainlink Price Hints Bullish Reversal! LINK Price To Record 20% Jump Soon?

The post Chainlink Price Hints Bullish Reversal! LINK Price To Record 20% Jump Soon? appeared first on Coinpedia Fintech News

The crypto industry has displayed significant price volatility over the recent days, indicating a mixed sentiment in the market. Further, the LINK price has displayed a neutral trend during the past week as it has gained less than 2% in valuation during this time. 

Chainlink’s price traded in a closed range between $14.506 and $15.411 for a whole, following which the market lost momentum, and the LINK price recorded a loss of approximately 17% in valuation. After testing its support level of $12.829, the bulls regained momentum and experienced a bounce back.

TradingView: LINK/USDT

However, the rally was short-lived as the coin faced rejection at $14.506, after which it displayed minor price fluctuations. As the market volatility grew, the Chainlink price recorded significant price action. The LINK price traded between $13.893 and $16.477 in a rising channel pattern.

Following this, the price failed to break out of its resistance level at $16.477, resulting in a price breakdown. The LINK token recorded a correction of over 15.5% in its value over the next few days. The bulls held the price above the support level of $13.893, resulting in a bounce back.

Since then, the price has been displaying a constant rise, indicating a rise in the bull power. Positively, the Cross EMA 50/200 day shows a high possibility of a Golden Cross, suggesting a massive price action in the coming days.

Will Link Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a bullish sentiment in the crypto space. Further, the averages show a constant rise, suggesting the LINK price will continue to rise in the coming days.

If the bulls push the price above the resistance level of $15.411, the Chainlink price will test its upper resistance level of $16.477. Maintaining the price at that level will set the stage for the LINK token to attempt to test its resistance level of $17.677 in the coming time.

Conversely, if the bears overpowered the bulls, the LINK token will fall to test its support level of $14.506. Moreover, if the bears continue to hold power over the bulls, it will plunge and prepare to test its lower support level of $12.829.