LINK Price Jumps Big! Will Chainlink Hold Its Gains Over The Weekend Or Plunge?

The post LINK Price Jumps Big! Will Chainlink Hold Its Gains Over The Weekend Or Plunge? appeared first on Coinpedia Fintech News

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. 

TradingView: LINK/USDT

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.