Chainlink (LINK) Eyes $20: Will Bulls Break Through or Hit a Wall?

• Chainlink price is hovering in the $14 range.
• LINK’s trading volume is up by more than 27%.

With the fear sentiment lingering, the broader crypto market has registered a gain of over 2.62%. All major assets have entered the green zone, including the largest assets, Bitcoin (BTC) and Ethereum (ETH). They are trying to reclaim their recent highs, currently hovering at $92.7K and $3.3K. Among the altcoins, Chainlink (LINK) has recorded a 3.48% uptick. 

As reported by the CoinMarketCap data, the asset opened the day, trading on the downside at around a low of $13.67. Later, with the bullish shift in the LINK market, the price pattern was supposed to climb to a high of $14.98. If further hurdles are shattered, the asset could kick off the rally to hit above the $20 zone. 

At the time of writing, Chainlink trades within the $14.17 range, with the market cap resting at $9.89 billion. Besides, the daily trading volume of the asset has increased by 27.42%, reaching the $721.19 million mark. Additionally, the market has experienced a liquidation of $1.27 million worth of LINK in the last 24 hours. 

Is Chainlink Ready for a Bullish Extension?

The active Chainlink bulls might push the price up toward the $14.27 resistance. If the asset holds this price level stable, the golden cross could take place and the subsequent resistance be found above $14.37. Assuming the appearance of LINK’s bears, it could trigger the price to fall toward the support level at $14.07. A potential downward correction may initiate the death cross to form, and the price would slide below $13.97. 

LINK chart (Source: TradingView)

The Moving Average Convergence Divergence (MACD) line of Chainlink is positioned above the signal line. It likely implies bullish momentum in the market, and the trend may continue upward. Besides, the Chaikin Money Flow (CMF) indicator value at -0.00 hints at the neutral money flow. There is no significant buying or selling dominance, and the LINK price could tilt in either direction.

LINK’s daily Relative Strength Index (RSI) found at 53.24 falls under the neutral to slightly bullish zone, and it is neither overbought nor oversold. With moderate buying strength, it has room to move in either direction. Moreover, Chainlink’s Bull Bear Power (BBP) reading of 0.20 indicates mild bullish strength, showing upward pressure on price. Notably, it is an early sign of potential momentum rather than a clear breakout signal.

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