Rally

Chainlink

<ul> 
 <li>Despite a global market dip, Chainlink (LINK) tops the gainers list with a 16% rally.</li> 
 <li>LINK recorded an intraday trading volume of $1 billion, indicating a 56% gain.</li> 
</ul> 
While the global crypto market is facing a <a href="https://thenewscrypto.com/can-bitcoin-cross-45k-amidst-bearish-trends/" target="_blank" rel="noreferrer noopener">downturn</a>, Chainlink (LINK) displayed a notable uptrend, rebounding from a test of the 50-day exponential moving average (EMA) observed in the previous trading session. The bulls showcased probability, recovering over 16% of the prior day’s losses, propelling LINK’s value higher. 
Chainlink encountered a setback when bulls faced resistance at $17.67, a level recorded at the end of 2023. However, after a brief period of sideways trading, the cryptocurrency had been consolidating within a range of $12.5 to $14 before experiencing a surge in momentum. 
Also, despite the correction, LINK managed to stay above the key simple moving average (SMA) at $15, indicating short-term strength. Amidst a loss of market momentum, LINK displayed a <a href="https://thenewscrypto.com/chainlinks-new-cross-chain-integration-might-propel-it-to-new-heights/" target="_blank" rel="noreferrer noopener">positive movement,</a> surging from $14.27 to $16.52. The bulls successfully maintained the price above the crucial support level of $15.5, initiating a rebound. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
 <img loading="lazy" decoding="async" width="838" height="428" src="https://thenewscrypto.com/wp-content/uploads/2024/01/image-64.png" alt="" class="wp-image-89780" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/image-64.png 838w, https://thenewscrypto.com/wp-content/uploads/2024/01/image-64-300x153.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/image-64-768x392.png 768w" sizes="(max-width: 838px) 100vw, 838px">
 <figcaption class="wp-element-caption">
 Chainlink (LINK) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/chainlink/#Chart" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
</div> 
<h3 class="wp-block-heading" id="h-will-chainlink-link-reach-20">Will Chainlink (LINK) Reach $20?</h3> 
Over the past three months, Chainlink’s crypto price has more than doubled. The broader term outlook remains positive, with the daily price chart indicating a significant lead over the 200-day EMA, reflecting a bullish trend.&nbsp; 
If bulls manage to breach the crucial resistance level of $17.49, LINK is <a href="https://thenewscrypto.com/chainlink-link-price-prediction/" target="_blank" rel="noreferrer noopener">poised to gain further</a> momentum and challenge the upper resistance at $18.87. Sustaining at this level could pave the way for an attempt to reach the $20.02 resistance. 
Conversely, a lack of market momentum could lead to a loss of bullish traction, causing LINK to retreat and test the support level of $15.03. If bearish sentiment dominates the market, a further decline may see LINK test its lower support level at $12.88.&nbsp;

Chainlink (LINK) Turns Bullish. Another Rally Ahead?

Table of Contents

TheNewsCrypto

Other articles published on Jan 20, 2024

OpenAI CEO Sam Altman to Raise Billions to Develop AI Chip

Justin Sun’s Huobi Declares Conversion of HT Token to HTX

Rep Tom Emmer Aligns With Donald Trump CBDC Agenda

Astar Makes History, Investors Celebrate 16% Price Hike – Here’s More

Virginia Takes a Bold Step into AI Future with Governor Youngkin’s Landmark Executive Order

Warning Against Deceptive Cryptocurrency Scams on Social Platforms

Join our free newsletter for daily crypto updates!