With Bitcoin ready to sustain the uptrend, the altcoins are ready to skyrocket and get a move ahead before the 2024 bull run starts. Ranking high amongst the top performers, Chainlink’s LINK price regains the bullish trend.
Following a short-term consolidation pullback, Chainlink’s price trend forms higher low formations and exceeds the psychological mark of $15. Therefore, with buyers gaining more confidence in Chainlink, the LINK price prediction suggests a new sprint to $20.
Source – Tradingview
With an almost 10% jump in the last 48 hours, the LINK price action forms consecutive bullish engulfing candles. Moreover, the rise in the intraday trading volumes supports the ongoing recovery and teases a longer uptrend.
Currently trading at $15.833, the LINK price action hints at a bullish trend continuation. Further, the daily chart shows a rounding bottom pattern with a neckline at $16.56 and the increasing trend momentum teases a bullish break.
In the 4H chart, the Chainlink price trend reflects a range breakout with the $15 breakout and signals an entry opportunity. Proving a breakout entry, the LINK price may soon reach the $20 mark.
Technical indicators:
EMA: The bullish trend in the Chainlink prices influences a positive spike in the 50-day EMA. The uptrend grows stronger with the increasing gap between the 50-day and 200-day EMA.
RSI indicator: The momentum indicator shows the daily RSI line sustaining the positive trend.
Will LINK Price Reach $20?
The LINK price has made a remarkable resurgence in 2023, becoming one of the best-performing altcoins in recent weeks. With a year-to-date gain of 189%, Chainlink continues to power its bullish rally on increasing demand.
In addition, with renewed and increasing interest from whales in the altcoin, there is a bullish run to $15 and beyond. If the uptrend continues above the $15 level, the altcoin can reach $20. However, a reversal below $15 could result in a retest of the $12 level.
