Amid the token’s continued positive performance, Chainlink could be facing another 50% surge as LINK looks to capitalize on growing bullish momentum. With key resistance levels nearing, the crypto has garnered increased attention. Moreover, that could be set to turn into a massive price rally in the near term.
The entire crypto market is anticipating an impressive October. Bitcoin has broken through $66,000, with traders expecting the leading cryptocurrency to challenge its $70,000 high in the next month. With ‘Uptober’ closing in, LINK could be among the assets to get the biggest boost.
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LINK Looks to Target $15 as it Continues Notable Increase
It has been quite an impressive run for Chainlink. Over the last 30 days, the token has increased 12% on Friday, according to CoinMarketCap. Moreover, its 10% increase in the last seven days has the asset creeping closer to the $13 level. That could be just the beginning s bullish momentum is increasing for the asset.
Chainlink could have a 50% surge in store, as LINK looks to increase even further. The asset’s Directional Movement Index (DMI) shows a strong bullish trajectory. Additionally, the Positive Directional Index has reached 29 in a good sign. This is only fortified by the Average Directional Index (ADX), which reads 28.2, showing its current status could be maintained for a notable length of time.
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This is coinciding with a seven-day MVRV ratio of 7.9%, showing there is potential room for a price increase. The higher the figure, the higher the unrealized profit is for any crypto. If the figure can stay below 10%, it avoids a price correction. For LINK, the price stayed on the upswing when the indicator was below that mark, but breaking ahead of it saw traders take profits. That only hurt the asset’s performance.
The potential is assured through a golden cross on Chaiinlink’s Exponential Moving Average (EMA), located 10 days ago. That saw a 20% increase come to fruition. Now, the token is set to face resistance forming right below $14. Additionally, if it breaks through, upper resistance will be found at $15.
A breakthrough at that point would be the last step to ensure a 50% surge toward $20. Yet, there is the potential for a decline. The token could drop below $10 if the EMA levels cross once again.