thenewscrypto.com
- Chainlink marked a spike of over 4%, trading at $11.82.
- An analyst predicts LINK’s target price at $20.
The major cryptocurrency, Bitcoin (BTC) has been fluctuating between $69K-$65K for the past few days. Certain tokens have lost and regained their momentum. Meanwhile, Chainlink’s price has sustained its price above the $11 mark.
Notably, LINK has recently broken through critical resistance at the $11.70 range. This resurgence comes with a 4.82% spike over the past 24 hours. In the early hours, LINK traded at a low of $11.23.
Despite struggling at the $11.60 level, the asset briefly signaled an upside rally for the day and climbed to a high of $12.07. At the time of writing, Chainlink was trading at $11.82, with its daily trading volume at $248 million, according to CMC data.
On the other side, LINK exhibited a moderate upside momentum over the last seven days, with a 3.30% spike. The asset chose to trade at $11.44, at the start of the week. Over time, LINK’s price has jumped to $12.27.
An analyst chart reveals that Chainlink has broken out of a falling wedge pattern and suggests a potential upward movement, with a target of around $20 indicated by the price path drawn.
Can LINK Price Go Further?
While inferring TradingView’s four-hour technical chart of LINK, the Moving Average Convergence Divergence (MACD) indicator is above the signal line, suggesting the ongoing bullish trend and the buying pressure.
Notably, the daily relative strength index (RSI) of LINK is positioned at 56.68 in the neutral zone. Meanwhile, the short-term 9-day and the long-term 21-day moving averages are found below the current price momentum.
Looking ahead, the positive breakout of Chainlink at $11.96 could pave the way to test its crucial resistance at $12.16. On the flip side, if LINK fails to meet the critical mark, the asset may likely step into the consolidation phase, which could push the price to a low of $11.36.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.