Chainlink (LINK) Bulls Push Through Critical Resistance

• 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.

LINK chart (Source: TradingView)

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.

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