- Chainlink (LINK) shows potential for bullish trend, recovering from $13 support.
- LINK’s price struggles with horizontal movement, facing possible death cross threat.
- LINK’s recent surge raises prospects of reaching $20, caution advised for investors.
As the digital currency market starts to rebound from the negative effects of the East Asian crisis, alternative cryptocurrencies are beginning to show signs of resurgence. Chainlink
The $13 support level has acted as a foundation for a potential bullish reversal for the third instance, hinting at the chance of a more pronounced recovery. This situation has sparked curiosity among investors and traders about whether this rebound could drive the price of Chainlink above the $20 threshold.
Chainlink Price Trends: Horizontal Movement and Possible Death Cross Threat
Looking at the daily chart, the price of LINK has been experiencing horizontal movement, with difficulty in maintaining a consistent upward trend. The digital currency has repeatedly tested the vital $13 support level, and there is a looming threat of a death cross as the 50-day Exponential Moving Average (EMA) begins to decline.
Chainlink’s recent 40% drop to the $13 mark has resulted in the price falling beneath the 200-day EMA. Nonetheless, the cryptocurrency has recently gained bullish momentum, leading to an 18% increase over the past five days.
This surge led to a V-shaped recovery, enabling LINK to surpass the $15 level. The price of LINK is at $15.475, with a daily change of 2.49%, indicating a rise in bullish sentiment.
Prospects of the Price Reaching $20
With the market on the mend and the rally picking up pace, the current price of LINK offers a chance for investors to capitalize on the dip. Should the positive price trend of Chainlink continue, the cryptocurrency could break past the $20 barrier, and some optimistic forecasts even suggest a climb to the $30 mark.
Nonetheless, investors should remain cautious of the associated risks. A pullback from the $16 level could trigger another descent to the $13 support. Moreover, a fall below $13 could have severe consequences for Chainlink, potentially causing a 30% drop to $8.50.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
