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<p>The post <a href="https://coinpedia.org/price-analysis/chainlink-hints-a-bullish-upswing-link-price-to-hit-20-in-may/" rel="noopener noreferrer nofollow">Chainlink Hints A Bullish Upswing! LINK Price To Hit $20 In May?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The crypto market has recorded significant price volatility since the week’s start with <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> recording a weekly high of $71,946.46. Moreover, the altcoin leader, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH Price</a>, successfully broke out of its important resistance level following the increased hype for Ethereum ETF.</p>
<p>On the other hand, the LINK price continues to display a strong positive price action, despite top altcoins recording increased price fluctuations in their respective portfolios, indicating a rising bullish sentiment for the altcoin in the crypto space.</p>
<p>With the rising volatility in the crypto market, will Chainlink (LINK) price reclaim $20 this Q2?</p>
<h2 class="wp-block-heading" id="h-chainlink-link-price-hints-at-a-break-out-rally">Chainlink (LINK) Price Hints At A Break Out Rally!</h2>
<p>The <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">LINK price</a> has continued to record a positive price movement by adding 5.89% to its portfolio and a trading volume of $853.900 Million (+77.13%) within the past day. Moreover, the altcoin has added approximately 10% in valuation over the past seven days.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/E3jyX6UZwx1S2tp_NZpxTo7Q_2LG6GkA9q_UmGHORGX9LM1FVbAK-QiuaS2l7DHoGJ15L68xwNxLQGIyWHFQtV6j2kisWjkb28j5gOeSXrXUeLobRr4CmHqoCCC8z4Uyn3fSxyby7-fGhwkL4UDDQh4" alt="LINK Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: LINK/USDT
 </figcaption>
</figure>
<p>Positively, at the time of writing, the LINK crypto had a trading price of $17.385 and a circulating supply of 587,099,970 Link tokens. With a Year-to-Date (YTD) return of 15.18%, Chainlink token has a market capitalization of $10.097 Billion, making it the 14th largest crypto by market cap.</p>
<p>Furthermore, the <a href="https://markets.coinpedia.org/chainlink/" target="_blank" rel="noopener noreferrer nofollow">Chainlink price</a> is testing to break out of its important resistance zone, highlighting increased price volatility for the altcoin in the crypto space.</p>
<h2 class="wp-block-heading" id="h-link-on-chain-sentiment">LINK On-chain Sentiment:</h2>
<p>With the price of Chainlink recording a 6-week high, this altcoin has experienced a significant surge in its profit-taking ratio. The LINK token has recorded a 17-month high in its profit booking ratio, the highest since&nbsp; 08th December 2022.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/eJCxLlNC3uqa14NvnWKq1Z1bD2c3omct178PfPaxkNe0E9nz9xnvBXqTAiLc3epii8njwwaytCjvfvCWs26QuwtkKNKG_MCCgR7ctP9GDDBwlsWvZ3QegjNHPOeMg1KJ_clOxwafiYtQoY_pJAv2DZQ" alt="">
 <figcaption class="wp-element-caption">
  Source: Santiment.
 </figcaption>
</figure>
<p>The volume of Chainlink (LINK) token transactions with a selling price higher than the buying price was recorded with a ratio of 11:1 compared to the transactions of LINK tokens obtained at a higher price compared to the selling price.</p>
<h2 class="wp-block-heading" id="h-chainlink-market-sentiments">Chainlink Market Sentiments:</h2>
<p>The Simple Moving Average (SMA) supports the price chart in the 1D time frame, suggesting a strong bullish sentiment in the crypto space.</p>
<p>On the other hand, the MACD displays a constant green histogram, highlighting an increase in the buying-over-selling pressure in the crypto market. Moreover, the averages show a rising bullish sentiment, indicating a positive outlook for the altcoin in the coming time.</p>
<h2 class="wp-block-heading" id="h-will-link-price-reclaim-20-soon">Will LINK Price Reclaim $20 Soon?</h2>
<p>If the bulls break out of the resistance zone, the LINK price will test its upper resistance level of $18.325 over the coming weekend. Furthermore, if the market holds the price at that level, the Chainlink price will prepare to test its upper level of $20 during the upcoming weeks.</p>
<p>Conversely, if the trend reversal occurs, the Chainlink price will lose momentum and test its support level of $16.775. Moreover, if the bears continue to dominate the market, it will plunge and test its lower support level of $15 this month.</p>

Chainlink Hints A Bullish Upswing! LINK Price To Hit $20 In May?

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