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05/24/2024

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Chainlink Hints at Bullish Surge! Will LINK Reach $20 in May?

This week, the cryptocurrency market has been volatile. Bitcoin hit a high of $71,946.46, Ethereum broke through a key resistance level on expectations of an ETF approval, and Chainlink (LINK) saw strong price gains despite overall altcoin volatility.

Chainlink Hints at Bullish Surge! Will LINK Reach $20 in May?

This week, the cryptocurrency market has been volatile. Bitcoin hit a high of $71,946.46, Ethereum broke through a key resistance level on expectations of an ETF approval, and Chainlink (LINK) saw strong price gains despite overall altcoin volatility.

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This suggests growing bullish sentiment toward LINK in the crypto community. Given the current market volatility, there is speculation about whether Chainlink’s price could reach $20 again by the end of Q2.

Chainlink (LINK) Price Surges with Strong Trading Volume

Chainlink (LINK) has shown impressive gains recently, adding 5.89% to its value in the last day with a trading volume of $853.900 million, marking a substantial increase of 77.13%. Over the past week, the altcoin has surged approximately 10% in value, demonstrating strong momentum.

TradingView: LINK/USDT

Currently, LINK is trading at $17.385 with a circulating supply of 587,099,970 tokens. Year-to-Date (YTD), Chainlink has delivered a return of 15.18%, solidifying its position with a market capitalization of $10.097 billion. This places Chainlink as the 14th largest cryptocurrency by market cap.

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The LINK price is currently testing important resistance levels, indicating heightened volatility and potential for further price movements in the altcoin market.

Chainlink (LINK) Sees Surge in Profit-Taking Ratio

Recently, Chainlink (LINK) has reached a 6-week high in its price, prompting a significant increase in its profit-taking ratio. This altcoin has recorded its highest profit booking ratio in 17 months, marking a milestone not seen since December 8th, 2022.

Source: Santiment

Transactions involving the LINK token show a notable trend, with an 11:1 ratio favoring selling at higher prices compared to buying. This indicates a strong preference among traders to realize profits amidst the recent price surge.

In the daily (1D) timeframe, the Simple Moving Average (SMA) supports the price chart, reinforcing a bullish sentiment within the cryptocurrency market. The Moving Average Convergence Divergence (MACD) further strengthens this sentiment with a consistent green histogram, signifying increased buying pressure over selling.

Overall, these indicators suggest a positive outlook for Chainlink (LINK) in the near future, as market sentiment remains bullish amid ongoing trading activities.

Chainlink (LINK) Price Forecast

As Chainlink (LINK) continues to navigate recent price movements, attention turns to key resistance and support levels shaping its trajectory.

If bullish momentum persists and breaks through the current resistance zone, the LINK price is poised to challenge its upper resistance level at $18.325 in the upcoming weekend. Sustained trading at this level could pave the way for further gains, potentially leading to a test of the $20 mark in the coming weeks.

Conversely, a reversal in the current trend would see Chainlink facing downward pressure. In such a scenario, the LINK price might retreat to test its immediate support level around $16.775. Further bearish sentiment could push it down to its lower support level of $15 by the end of this month.

Market participants are closely monitoring these levels as they provide critical insights into the near-term direction of Chainlink (LINK) amidst ongoing market dynamics.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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