Chainlink (LINK) has shown strong momentum recently, with its price rising by 16% over the past four days before a slight dip of 2.14% today. Currently trading at $14.095, LINK is showing signs of a potential bull run that could push its price to $20 in the coming weeks.
After a series of four bullish days, with a notable 7% gain, traders are closely watching Chainlink. The key question now is whether the recent bullish trend will continue and drive the price up to $20.
Chainlink (LINK) Price Surge and Whale Activity
Chainlink (LINK) is experiencing a bullish revival as the crypto market recovers. The price has shown a double-bottom reversal from the $12.242 support level, rising by 13.73% over the past five days and approaching the $14.50 resistance zone.
This recent price action indicates a trendline breakout rally gaining momentum. However, the current intraday drop suggests a possible retest of the previously broken resistance trendline.
According to a recent tweet by top crypto analyst @ali_charts, Chainlink whales have accumulated over 10 million LINK tokens in the past two weeks, amounting to nearly $140 million at current market prices.
Chainlink (LINK) Momentum Indicators
The MACD shows a positive crossover between the MACD and signal lines, with the indicator approaching the zero line, signaling a bullish reversal.
The daily RSI line is also showing positive movement, crossing above the halfway mark and heading towards the overbought zone. These momentum indicators suggest a strong possibility of a continued bull run in LINK prices.
Chainlink (LINK) Price Outlook
Despite the recent intraday drop, the overall sentiment for Chainlink remains positive. The continued buying by whales and the breakout rally suggest that the LINK price has a strong potential to reach $20. However, the resistance level at $16.75 is a key supply zone to monitor, as it could impact the price movement.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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