With LINK Price Under Retest, Upside Potential Rises To 100%

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Written By Pinang Driod
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With the Bitcoin halving coming closer, the altcoins are preparing for the next altcoin season as the underlying demand grows. Amidst this, the LINK price action shows a high likelihood of an uptrend continuation with a potential retest. 

Despite the recent fall in the past few weeks, Chainlink comes as a strong candidate with an upside potential of 100% surge. Will the altcoin price reach the $50 mark as the overall market teases an uptrend in April? Find out more in our LINK price prediction that suggests a rally beyond $50 in 2024. 

With a rounding bottom breakout in the weekly chart, the LINK price trend is ready for a massive upswing. However, the recent pullback as the market slides with increased volatility questions the likelihood of a bull run. 

Tradingview

The LINK price action shows a high supply pressure at the $23 mark or the 38.20% Fibonacci level, leading to a quick fall to $16. With this downfall, the altcoin retests a crucial demand zone present near the 23.60% Fibonacci level. 

Further, the candles near the demand zone showcase lower price rejection, teasing a bounce back. Currently, the LINK price trades at $17.57, with an ongoing brawl at the $16 support zone. 

Also Read : FTM Price Jumps 17% With A 70% Upside Potential To $1.75

Technical indicators:

EMA: The 200W and 50W EMA sustain a positive alignment following the recent golden cross. 

RSI: The recent pullback drops the weekly RSI line closer to the halfway line.

With the LINK price drawing closer to the 200D EMA and the ongoing retest of $16, the altcoin signals a buying opportunity. Despite the pullback visible in the weekly chart, the altcoin offers an absolute beast of upside potential to reach $35. 

However, a downfall under the $15 mark or the 200D EMA could retest the $13.61 mark or the 50W EMA. 

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