Can Chainlink (LINK) Smash Resistance and Ride the Momentum to $20?

• Chainlink’s price is currently around the $15 mark.
• LINK’s trading volume has surged by over 34%.

With the largest assets, Bitcoin (BTC) and Ethereum (ETH) hover around the $109.6K and $2.8K. The market sentiment is greedy as the fear and greed index is holding at 65. All assets are swinging within loss and gain zones. Meanwhile, Chainlink (LINK) has spiked over 0.98% in the past 24 hours. 

In the early hours, LINK traded at a bottom of $14.88. The brief bullish shift has pushed the price upside and climbed to a high of $15.49. At the time of writing, Chainlink trades at around $15.41, with its market cap reaching $10.12 billion. 

Furthermore, as per Coinglass data, the market observed a liquidation of $1.23 million in LINK. Also, the asset’s daily trading volume has increased by over 34.73%, touching $555 million.

Chainlink has gained over 9.39% in the last seven days. The weekly low is marked at $12.70, and gradually, it has moved to the current trading level. 

What is Next for Chainlink?  

Chainlink’s four-hour trading graph reports a brief upside price correction. A solid gain beyond this range could trigger a jump toward the $15.40 range. Assuming the asset moves upward, it could likely mount and test the $15.51 resistance zone. The formation of a golden cross may push the price higher. 

On the flip side, if the asset’s current price trajectory reverses, the price could retrace to its immediate support at the $15.29 zone. A steep drop below this mark might initiate the death cross to take place and push the Chainlink price to dip to $15.20 or even lower. 

Notably, the technical chart analysis of Chainlink has revealed that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This implies that more uptrend may loom in the market. Besides, Chainlink’s Chaikin Money Flow (CMF) indicator is found at 0.22, pointing at a positive money flow, with moderate buying pressure in the market. 

In addition, the daily relative strength index (RSI) found at 69.61 indicates that the asset is close to the overbought territory. A reversal or consolidation could follow if it crosses 70. LINK’s Bull Bear Power (BBP) value of 0.70 signals that the bulls are in control of the asset, pushing prices above.