LINK price analysis: Chainlink jumps 17% as sell pressure wanes

LINK/USD is supra a captious trendline, and could people highs of $35 for the play close.

Chainlink’s terms is up 13% successful the past 24 hours, and 23% implicit the past week, to spot bulls oculus a caller breakout supra $20. The 14th ranked cryptocurrency has a trading measurement of $1.2 cardinal successful the 24-hour league and presently changes hands adjacent $19.10 aft accrued buying buoyed by a resurgent crypto market.

As the full marketplace looks to interruption supra a descending inclination enactment formed since May, LINK buyers could instrumentality vantage to adjacent supra $20 and people highs past seen connected 20 June.

The short-term outlook for LINK/USD, therefore, depends connected however the cryptocurrency and the remainder of the marketplace navigate the existent effect from sellers.

Chainlink terms analysis

Chainlink's integration connected the Avalanche blockchain coincided with an uptick successful LINK price, though the play began with indecision arsenic shown by the agelong process connected Friday's candlestick.

The indecision resolved upwards implicit the play and continued successful aboriginal deals connected Monday.

As of writing, LINK's terms is conscionable supra the 50-day moving mean ($19.05) aft breaking supra a bearish trendline that has capped prices since precocious May arsenic seen connected the regular chart.

This comes amid reduced selling pressure, which has helped bulls beforehand supra the trendline to an intraday of $19.54. Validation of the uptrend could spot LINK/USD hunt for caller enactment adjacent the horizontal absorption astatine $19.68 and laic the instauration for a caller battle astatine prices supra $20.

LINK/USD regular chart. Source: TradingView

Technical indicators enactment the contiguous bullish outlook, with the Relative Strength Index (RSI) ticking up supra the 50-mark. The upturned RSI suggests buyers inactive person the marketplace successful upbeat sentiment, which is besides strengthened by the Moving Average Convergence Divergence (MACD). Currently, the MACD has formed a bullish crossover and is expanding supra the awesome line.

If bulls negociate to interruption supra $20, targets prevarication northbound of the 50% Fibonacci retracement level and the 61.8% Fibonacci retracement level astatine $24.33 and $26.91 respectively. The play gains could past widen to $35 if bulls clasp onto gains.

On the downside, selling unit could unit buyers to support gains astir $18 connected the regular close. Support levels are astatine $16.79 and $13.42 successful lawsuit the existent rally lacks legs.