Chainlink Price Rally Gains Momentum: $18 Mark In Sight?

• Chainlink price surged by 10.14% on November 18.
• LINK price has reached the resistance zone and shown weakness for the past few hours.
• Analyst Michael Van De Poppe believes that LINK price could hit the $18 mark.

Chainlink (LINK) price has displayed a bullish rally for the past few days. It has surged by 47% in the last 2 weeks and has reached a significant resistance level of $15. The bullish trend has halted near the $15 mark and shown weakness.

However, buyers have attempted again to overcome this zone. The Chainlink price has managed to defend the 200-day EMA and has surpassed the recent high.

The LINK price has triggered a beautiful pullback with good buying momentum. The 24-hour trading volume has surged by 67%, showing new players’ engagement. This could help to surpass the resistance zone. Let’s see how the LINK price reacts near the resistance level.

Is Breakout From Resistance Level on Its Way?

The Chainlink price has struggled below the significant resistance level of $15 for the past 6 months. However, it was wandering near the resistance zone, and a bullish breakout was anticipated.

Altcoin season is about to begin in November, according to some analysts. This could be an advantage for altcoins, and a positive impact can be seen on the Chainlink crypto price.

It could be a bullish signal if the price starts trading over the $15 mark. Suppose the price manages to sustain itself at this level, another bullish momentum could be triggered. If the chart structure manages to attract investors, the price may extend to the $20 mark.

Alternatively, sellers could show interest if the price faces resistance from the $15 mark and forms any bearish candlestick. Once the price loses the 200-day EMA, profit booking can be initiated. Here, profit booking could lead to a bearish trend.

When writing, Chainlink crypto was trading at $15.11, which has dropped by 0.92% over the past 24 hours. The market capitalization was $9.47 Billion, and the 24-hour trading volume was $917.67 million.

A golden crossover has been seen between the key moving averages based on technical indicators. The MACD and the Signal line were over the Zero line, and the histograms have remained green. Most of the technical indicators are in favor of bullish forecasts.

Is LINK Price Ready to Shoot Up?

crypto bullet is a crypto analyst who believes that the LINK price is expected to outperform. The price has triggered a breakout from a descending trendline on a weekly time frame.

$LINK ⛓️

Is three digits @chainlink too much to ask for? pic.twitter.com/58Q0nt5MZF

— crypto bullet (@SilverBulletBTC) November 17, 2024

If the LINK price continues to be bullish, it may hit the three-digit territory. Based on the chart, it has the potential to perform positively for the next few months.

LINK Price Prediction

The Chainlink price has exhibited a notable bullish trend recently. It was marked by a 47% increase over the past two weeks despite facing resistance around the $15 level.

Analysts suggested that if the LINK price can sustain trading above this resistance mark, it may trigger further bullish momentum. It is potentially pushing the price towards $18 or even $20. The surge in trading volume indicated growing interest from new investors. That could aid in overcoming the resistance obstacles.

However, there is a possibility that the price may struggle to maintain above $15 and encounter bearish signals. If this happens, a retreat below the 200-day EMA could initiate profit-taking and a bearish trend.

Overall, technical indicators lean positively. That suggested a cautiously optimistic outlook for Chainlink in the near term.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.