DeFi

Chainlink

The post <a href="https://coinpedia.org/price-analysis/link-price-jumps-25-amidst-buying-spree-eyes-20-break/" rel="noopener noreferrer nofollow">LINK Price Jumps 25% Amidst Buying Spree, Eyes $20 Break</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As the bullish momentum increases in the broader market, Chainlink bounces back this week, for a stronger uptrend. The LINK price trend shows a bullish reversal from the crucial support of $13 and projects a potential surge to a new 52W high.&nbsp;
As the buying pressure is on the rise and the improving health of DeFi sector, Chainlink is awaiting a boost. Will the bull run in LINK price cross $20? For a long-term perspective, check out our <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" rel="noopener noreferrer nofollow">LINK price prediction</a>.&nbsp;
<h2 class="wp-block-heading" id="chainlink-price-performance">Chainlink Price Performance</h2>
With a massive surge of 25% within 72 hours, the LINK price action is forming the third consecutive bullish candle. The sudden increase in demand at $13 pumps the token price above the $15 mark and surpasses a previous supply peak.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/ly-ps_QqYiWZmOGFJ-Looezq-3U-O9Do9ePlsRfJCEd2NddzUG95e9UZcxgG74ZjTw2ghAZE8blYXD0o9azXS_jxgsAVzcUZ2B-1UpP-hNMovZsUERioJAtRZTm1GM_sID2-DP8vR47egtJoJDHM85k" alt="">
</figure>
<a href="https://www.tradingview.com/x/ddOqi71g/" rel="noopener noreferrer nofollow">Tradingview</a>
The recovery rally starts with a double bottom pattern as it breaks above the neckline at $14.67. Further, the bull run exceeds the pullback trendline, reflecting a breakout in the 1D chart.
Currently,&nbsp; the LINK token price trades at $16.41 with an intraday growth of 5.66% and a 218% rise in 24H trading volume. Hence, the grooming momentum of the reversal rally shows a likelihood of a new 52W high formation.&nbsp;
Technical indicators:
DMI: The bullish crossover in the VI lines comes with an uptick in the ADX line reflecting the start of a high momentum bull run.
RSI: The daily RSI line shows an uptick to almost the overbought zone in a single jump. Hence, the momentum indicator supports the bull run possibility.&nbsp;
<h2 class="wp-block-heading" id="will-the-link-price-cross-20">Will The LINK Price Cross $20?</h2>
With the broader market recovery gaining momentum, the increasing trading volume in Chainlink supports the uptrend. As the LINK price shows a trendline breakout, the uptrend continuation could hit $18 or the 50% Fibonacci level.&nbsp;
Optimistically, the altcoin could surge to the $23 mark. On the downside, a reversal for retest could hit the $15.65 support.&nbsp;

LINK Price Jumps 25% Amidst Buying Spree, Eyes $20 Break

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