LINK Price Increase Analysis, Will It Reach $20 in May?

Bittime - Amid increasing crypto market volatility, LINK continues to show positive price performance. Other well-known altcoins experienced larger price fluctuations, indicating increasingly strong bullish sentiment for altcoins as a whole.

Considering the high volatility of the crypto market, will LINK be able to break through $20 again this Q2?

Chainlink (LINK) Price Analysis Soars Post Breakout

Chainlink (LINK) price continues to show a positive trend, with an increase of 5.89% in the portfolio and 77.13% in trading volume (reaching $853.9 million) in the last 24 hours. This increase was further strengthened by a 10% increase in value over the last week.

At the time of this writing, the LINK cryptocurrency is trading at $17,385 per token, with a total circulating supply of 587,099,970 Link tokens.

Chainlink token recorded a Year-to-Date (YTD) return of 15.18%, resulting in a market capitalization of $10.097 billion, ranking it as the 14th largest cryptocurrency by market capitalization.

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Chainlink On-chain Sentiment Experiences a Significant Surge

Chainlink price hit a 6-week high, triggering a significant increase in profit-taking ratio. This indicates that many investors are selling LINK tokens to realize their profits.

In fact, LINK's profit booking ratio reached its highest level in 17 months, since December 8, 2022. This shows that the selling pressure on LINK tokens is quite high.

The turnover of Chainlink (LINK) tokens shows an interesting trend, where 11 times more transactions occurred with a sell price higher than the buy price, compared to transactions that acquired LINK tokens at a higher price than the sell price.

Chainlink Market Sentiment Experiences Positive Improvement

Based on technical indicator analysis, the Chainlink market shows a strong bullish sentiment in the short term. This is proven by the following points:

• The Simple Moving Average (SMA) on the 1-day price chart shows a consistent upward trend, indicating buyer dominance in the market.
• The Moving Average Convergence Divergence (MACD) displays a steadily increasing green histogram, indicating increased buying pressure and continued bullish momentum.
• The MACD average also shows increasing bullish sentiment, reinforcing the positive outlook for Chainlink in the future.

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Possible Return of LINK Price to $20

Chainlink (LINK) price shows the potential to reach the $20 level again in the next few weeks. This is based on a scenario where LINK price manages to break through the resistance zone and stays above the $18,325 level over the coming weekend.

If the bullish momentum continues, the upper resistance level at $20 is predicted to be tested in the next few weeks.

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Price Drop Scenario

On the other hand, if the trend reverses and LINK price loses momentum, the support level at $16,775 will be tested. If selling pressure continues to dominate the market, LINK risks falling further and testing the lower support level at $15 this month.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER:  This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.