Chainlink (LINK) Price Analysis: Bullish Breakout Fuels $20 Target

Key Points:

• LINK price surges 25% in 72 hours, signaling a potential bull run.

• Price action forms bullish reversal pattern with a break above $13 support.

• Technical indicators (DMI, RSI) suggest strong bullish momentum.

• Uptrend continuation could surpass $20 resistance level.

Analysis:

Chainlink (LINK) is experiencing a significant price surge, rallying 25% within the last 3 days. This uptick follows a bullish reversal pattern with a breakout above the crucial $13 support level. The increasing demand and rising trading volume suggest a potential continuation of the uptrend.

Technical factors supporting the bullish outlook:

• Double bottom pattern breakout: The price action formed a bullish double bottom pattern, and the recent surge confirms a breakout above the neckline, indicating a trend reversal.

• Bullish crossover in DMI: The DMI (Directional Movement Index) indicator shows a bullish crossover, with rising ADX (Average Directional Movement) reflecting strong momentum.

• RSI nearing overbought zone: The RSI (Relative Strength Index) has jumped significantly, approaching the overbought zone, further supporting the bullish trend.

Will The LINK Price Cross $20?

Read the full analysis here: https://coinpedia.org/price-analysis/link-price-jumps-25-amidst-buying-spree-eyes-20-break/