Can the Bullish Energy Push Chainlink (LINK) to $20?

• A 6% price jump pushed Chainlink to $14.
• LINK’s daily trading volume is up by over 23%.

The brief uptick in the crypto market has driven the assets to price in green, with the overall market sentiment in the neutral zone. Bitcoin (BTC), the largest asset, hovers in the $108.8K range, while the largest altcoin, Ethereum (ETH), trades at $2.6K. Among the altcoins, Chainlink (LINK) has registered a 6% jump in the past 24 hours. 

LINK opened the day trading at a bottom range of $13.26. With the bullish shift in the market, the asset mounted toward a high of $14.16, breaking key resistance levels between $13.31 and $14.11. Notably, Chainlink currently trades within the $14.08 level, according to CMC data. 

The asset’s market cap has reached $9.54 billion, and the daily trading volume of LINK has increased by over 23.45%, touching $360.76 million. In addition, the market has faced a liquidation of $822.73K in Chainlink as reported by Coinglass data. 

Will Chainlink Break Higher From Here?

Chainlink’s ongoing upside trajectory might push the price move higher and find its key resistance above the $13.90 range. Assuming the sturdy continuation of the asset’s bullish correction, the mighty bulls could trigger the golden cross to unfold. The price would likely rise toward the $14 mark. 

On the flip side, if LINK’s upward momentum fails to hold, the price could straight away fall to retest its immediate support level at $13.75. A steady drop below this range might push the death cross to take place, and the potent bears may send the altcoin price to dip to a low of $13.60. 

Moreover, the technical analysis of Chainlink has revealed a bullish sentiment as the Moving Average Convergence Divergence (MACD) line crosses over the signal line. This crossover highlights the buying pressure, and the price may continue to rise in the short term. Besides, LINK’s Chaikin Money Flow (CMF) indicator is positioned at 0.08, hinting at a positive money flow into the asset. Also, the inflow can act as price support. 

The market sentiment of the asset is bullish, and may approach the overbought threshold, with the daily Relative Strength Index (RSI) settled at 65.06. This suggests upward strength and could continue rising. Furthermore, the Bull Bear Power (BBP) value of 0.50 indicates that the bulls have a slight control in the market.

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