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.
Chainlink Price Performance
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.
Will LINK Price Reach $50?
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.