thenewscrypto.com
- Chainlink (LINK) emerges as a leader in altcoin recovery post-East Asian crisis, showing signs of a bullish turnaround.
- Key support at $13 sparks optimism for a potential rally beyond $20, despite sideways trading and a looming death cross.
- Recovery rally boosts LINK price by 18%, aiming to reclaim $20; caution advised for potential reversal risks.
As the cryptocurrency market begins to recover from the bearish impact of the East Asian crisis, altcoins are showing signs of a comeback. Among the coins leading the charge is Chainlink (LINK), whose price action reflects a high potential for a bull run, starting with another bounce back from crucial support levels.
The $13 support level has provided a cushion for a bullish turnaround for the third time, teasing the possibility of a sharper recovery. This development has left investors and traders wondering if this turnaround rally could propel Chainlink’s price beyond the $20 mark.
Chainlink Price Performance: Sideways Struggle and Potential Death Cross
On the daily chart, LINK’s price action has been trading sideways, struggling to sustain bullish momentum. The cryptocurrency has taken multiple dips to the crucial support level of $13, while a potential death cross looms over the chart as the 50-day Exponential Moving Average (EMA) shows a downtick.
The recent 40% dip to the $13 level has pushed LINK below the 200-day EMA. However, the coin has found another boost in bullish momentum, leading to an impressive 18% jump in the last five days.
This recovery rally has resulted in a V-shaped reversal, allowing LINK to reclaim the psychological mark of $15. Currently, the LINK price trades at $15.475 with an intraday move of 2.49%, reflecting an increase in underlying bullishness.
Will Price Cross $20?
As the market recovers and the recovery rally gains momentum, the LINK price presents an opportunity for investors to buy the dip. If Chainlink’s price trend maintains a positive trajectory, the altcoin could surpass the $20 mark, with some optimistic projections even suggesting a potential rise to the $30 level.
However, investors should also be aware of the potential risks. A reversal from the $16 level could lead to another drop to the $13 mark. Furthermore, a drop below $13 could prove fatal for Chainlink, potentially leading to a 30% decline to $8.50.