Chainlink Eyes $20: Will LINK’s Momentum Push It Higher?

• Chainlink slipped over 2%, trading around the $15 range.
• LINK’s daily trading volume has surged by over 45%.

With the largest assets, Bitcoin (BTC) and Ethereum (ETH) trade close to the $108.7K and $2.7K range; other major altcoins are on the swing, to their former lows and highs. Among the altcoins, Chainlink (LINK) has slipped by over 2.37% in the past 24 hours.

Notably, in the early hours, LINK traded at a low range of $15.33. As the bulls took charge of the asset, it displayed a brief upside rally and climbed to a high of $16.18. At the time of writing, Chainlink trades at $15.69, with its market cap reaching $10.31 billion.

In addition, the market has observed a liquidation of $1.12 million in LINK according to Coinglass data. Also, the daily trading volume has increased by 45.01%, touching $437 million

Can Chainlink Break Out, or Will It Stall Here?

The four-hour technical chart of Chainlink has reported that the Moving Average Convergence Divergence (MACD) line is found above the zero line, and the signal line is sitting right on the zero line. This indicates the bullish sentiment is active. However, with the signal line, the momentum may still be in its early phase.

*LINK chart (Source: TradingView)*Moreover, LINK’s Chaikin Money Flow (CMF) indicator is stationed at 0.13, suggesting that money is flowing into the asset and buying pressure. If the value continues to rise, it could signal increasing bullish momentum and confidence.

If the asset’s price graph steadily retraces below the current price, it could fall and send the Chainlink price toward its former lows at the $15.40 support zone. Further downside correction might invite the death cross to come forth and likely test the $15 level

On the upside, assuming the reversal of the LINK’s momentum, the asset could likely climb to test its nearby resistance range at around $15.98. A sturdy bullish takeover might trigger the golden cross to pop up and possibly push the altcoin to its former highs

Furthermore, Chainlink’s market sentiment is neutral, with the daily relative strength index (RSI) resting at 49.85. Also, there is no strong bullish or bearish pressure at the moment. The Bull Bear Power (BBP) reading of 0.0440 reflects a slight bullish pressure in the market, hinting at a cautious or early-stage of an uptrend.

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