Rally

Resistance

Million

Convergence

Chainlink

Following the Fourth Bitcoin Halving on Friday, the cryptocurrency market experienced a broad recovery rally, with significant gains across major coins. By Monday, Bitcoin had surpassed the $65,000 mark, reinforcing the momentum of recovery in the altcoin sector. In this upbeat market environment, the <a href="https://coingape.com/price-predictions/chainlink-link-price-prediction/">Chainlink price</a> rallied from its $12.75 support level, posting a 20% increase to hit $15.3. With this post-halving surge, can the LINK price exceed $20 in April? 
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-4-22-bitcoin-above-65k-relief-rally/">Crypto Price Prediction 4/22: Bitcoin Above $65k Sparks Fresh Relief Rally</a> 
<h2 id="b-is-chainlink-price-heading-to-20-b">Is Chainlink Price Heading to $20?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/z/zZRWePFe.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Chainlink Price| Tradingview
 </figcaption>
</figure> 
The near-term trend in Chainlink price is bearish evidenced by the downsloping trendline in the daily chart. The dynamic resistance plunged the coin value from $22.8 to $11.78, registering a 48% loss. 
Amid the <a href="https://coingape.com/peter-schiff-discredits-bitcoin-as-digital-currency-states-post-halving-flaws/">Bitcoin halving</a>, the LINK price stalled its correction at $12.7, above the 61.8% Fibonacci retracement level. In theory, this level stands as a crucial support level for buyers to reclaim trend control. 
<blockquote>
 Following five consecutive green candles on the daily chart, the Chainlink coin has rebounded to $15.37, boosting its market capitalization to $9.028 billion.
</blockquote> 
If the bullish momentum persists, the <a href="https://coingape.com/markets/chainlink-price-faces-20-downside-risk-as-key-support-falters/">LINK price</a> could rise another 5% this week to rechallenge the overhead trendline. A potential breakout from this barrier will signal the end-of-correction trend and favor buyers for a higher rally. 
The post-breakout rally could bolster buyers to chase potential targets of $18.6, followed by $20.7, and $22.8. 
On a contrary note, if the supply pressure at the resistance trendline persists, the LINK coin could revert lower and tease a breakdown below $12.7 support. 
Also Read: <a href="https://coingape.com/bitcoin-and-ethereum-bleed-226-million-in-outflows-coinshares-report/">Bitcoin and Ethereum Bleed $226 Million In Outflows, CoinShares Report</a> 
<h3 id="b-technical-indicator-b">Technical Indicator</h3> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The downsloping 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope offers additional resistance to lead the near-term bearish trend.</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence: A bullish crossover between <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and Signal(orange) lines indicates a renewed recovery in the market.</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-hints-20-upswing-amid-key-resistance-breakout/">Chainlink Price Hints 20% Upswing Amid Key Resistance Breakout&nbsp;</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Hints 20% Upswing Amid Key Resistance Breakout

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