Chainlink Hints A Bullish Upswing! LINK Price To Hit $20 In May?

The crypto market has recorded significant price volatility since the week’s start with Bitcoin price recording a weekly high of $71,946.46. Moreover, the altcoin leader, ETH Price, successfully broke out of its important resistance level following the increased hype for Ethereum ETF.

On the other hand, the LINK price continues to display a strong positive price action, despite top altcoins recording increased price fluctuations in their respective portfolios, indicating a rising bullish sentiment for the altcoin in the crypto space.

With the rising volatility in the crypto market, will Chainlink (LINK) price reclaim $20 this Q2?

The LINK price has continued to record a positive price movement by adding 5.89% to its portfolio and a trading volume of $853.900 Million (+77.13%) within the past day. Moreover, the altcoin has added approximately 10% in valuation over the past seven days.

LINK Price Analysis
TradingView: LINK/USDT

Positively, at the time of writing, the LINK crypto had a trading price of $17.385 and a circulating supply of 587,099,970 Link tokens. With a Year-to-Date (YTD) return of 15.18%, Chainlink token has a market capitalization of $10.097 Billion, making it the 14th largest crypto by market cap.

Furthermore, the Chainlink price is testing to break out of its important resistance zone, highlighting increased price volatility for the altcoin in the crypto space.

With the price of Chainlink recording a 6-week high, this altcoin has experienced a significant surge in its profit-taking ratio. The LINK token has recorded a 17-month high in its profit booking ratio, the highest since  08th December 2022.

Source: Santiment.

The volume of Chainlink (LINK) token transactions with a selling price higher than the buying price was recorded with a ratio of 11:1 compared to the transactions of LINK tokens obtained at a higher price compared to the selling price.

The Simple Moving Average (SMA) supports the price chart in the 1D time frame, suggesting a strong bullish sentiment in the crypto space.

On the other hand, the MACD displays a constant green histogram, highlighting an increase in the buying-over-selling pressure in the crypto market. Moreover, the averages show a rising bullish sentiment, indicating a positive outlook for the altcoin in the coming time.

If the bulls break out of the resistance zone, the LINK price will test its upper resistance level of $18.325 over the coming weekend. Furthermore, if the market holds the price at that level, the Chainlink price will prepare to test its upper level of $20 during the upcoming weeks.

Conversely, if the trend reversal occurs, the Chainlink price will lose momentum and test its support level of $16.775. Moreover, if the bears continue to dominate the market, it will plunge and test its lower support level of $15 this month.

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