Chainlink Rally Picks Up Steam as LINK Sets Sights on $20

Chainlink Rally Picks Up Steam as LINK Sets Sights on $20

Chainlink (LINK) has erupted higher over the last week, tacking on 30% as revived bullish momentum propels the price back towards the $20 mark.

LINK spent prior weeks rangebound between roughly $14.50 and $15.50 as indecision gripped the market following a failed breakout attempt in late 2022. But once volatility returned in January alongside growing optimism around blockchain-based real-world asset (RWA) applications, LINK surged out of its trading range.

The initial rally carried 15% higher before LINK lost steam around resistance at $17.70. However, that pullback proved short-lived, as LINK subsequently bounced between support at $14 and $16 over the next two weeks while carving out a bullish base.

Could LINK surge higher?

The basing period resolved decisively to the upside last week when LINK powered through resistance levels that had capped previous advances. Buying momentum accelerated further yesterday after LINK’s 50-day moving average crossed bullishly above its 200-day moving average—a pattern known as a “golden cross” that often signals a longer-term trend change.

LINK ultimately tacked on nearly 20% in the last two days to currently trade around $18.70, reflecting a roughly 30% gain from recent swing lows. With momentum clearly shifting in bulls’ favor according to oscillators like the Moving Average Convergence Divergence (MACD) indicator, analysts are now eyeing an assault on $20 for LINK.

On continued strength, LINK’s next upside target emerges around $20, where the token topped out several times last summer. Clearing that hurdle would open the path towards LINK’s high of around $24.

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