With Over 80% Rise in Volume, Chainlink (LINK) Price Advances to Enter Crucial Resistance Zone

The post With Over 80% Rise in Volume, Chainlink (LINK) Price Advances to Enter Crucial Resistance Zone appeared first on Coinpedia Fintech News

Chainlink has received much-deserved attention in the past few days, which has enabled the price to gain momentum and lead a fine upswing. This caused the price to surge above the descending trend line and after a small correction, the token started with a fresh upswing. The current trade set-up suggests the LINK price is poised to maintain a healthy upswing and may enter the decisive range anytime from now.

After the steep downfall from $17.62 in the first few days of April, the price rebounded and is trying hard to break the range. Despite repeated failures, the Marines do not appear to have lost hope of a bullish breakout. As a result, the 24-hour volume soared close to 80%, suggesting a huge increase in trading activity that may have an impact on the price for a prolonged period. 

Will the LINK price make it $20 this month?

As seen in the above chart, the LINK price broke out of the descending triangle, a few days ago. The retracement has also been completed and a fresh upswing appears to have begun after rebounding from the local support. The ascending trend is expected to prevail for as long as the Gaussian channel signals a flip in the trend, which will be validated in a short while from now. 

The price soared in the lower bands and is trying to breach through the upper bands. Hence, a break through these levels may validate a rise from a bearish influence and the beginning of a fresh bullish spell. On the other hand, the MACD shows a drop in buying pressure but is rising within the bullish range, indicating the continuation of an ascending consolidation for a while. 

Therefore, the Chainlink (LINK) price is expected to enter the key resistance zone between $18.35 and $19.07 and after trading sideways for a while, a rise beyond $22 appears to be imminent.