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Another Bounce For Chainlink Eyes 40% Hike in LINK Price

The post Another Bounce For Chainlink Eyes 40% Hike in LINK Price appeared first on Coinpedia Fintech News

As the broader market recovers from the bearish impact of the East Asian crisis, the altcoins are making a comeback. Amongst such recovering coins, LINK price action reflects a high potential bull run starting with another bounce back.

The $13 support level provides the cushion for a bullish turnaround for the third time and teases a sharper recovery. Will this turnaround rally lead Chainlink to an upside rally to cross $20? Find out more in our LINK price prediction

On a sideways track in the daily chart, the LINK price action struggles to sustain bullish momentum. Taking multiple dips on the crucial support level of $13, a death cross looms over the chart as the 50D EMA shows a downtick.

Tradingview

The recent 40% dip to the $13 level breaks under the 200D EMA. However, the LINK price finds another boost in bullish momentum, leading to a jump of 18% in the last five days. 

The recovery rally leads to a V-shaped reversal and reclaims the psychological mark of $15. Currently, the LINK price trades at $15.475 with an intraday move of 2.49%, reflecting an increase in underlying bullishness. 

Technical indicators:

EMA: The 200D and 50D EMA projects a high possibility of a death cross. However, the recovery rally crossing above 50D EMA will limit the chances and could restart the uptrend.

With the recovery rally gaining momentum as the market recovers, the LINK price presents an opportunity to buy the dip. If the Chainlink price trend maintains a positive trajectory, the altcoin could surpass the $20 mark. Optimistically, the uptrend could hit the $30 mark.

On the flip side, a reversal from the $16 level could lead to another drop at the $13 mark. Further, a drop below $13 will prove fatal for Chainlink, leading to a 30% potential drop to $8.50.

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