The post Chainlink Price Poised for Breakout, Eyeing 50% Surge: Will Market Sentiment Hold? appeared on BitcoinEthereumNews.com.

Chainlink (LINK) price has recently witnessed a notable surge, signaling a potential for further upward momentum. The cryptocurrency’s resurgence aligns with a broader market recovery, offering positive signs for future growth.  Investors are eyeing additional gains as LINK continues to trade in a bullish trend. This price movement highlights the increasing interest in Chainlink, as it shows promising potential amidst a generally optimistic market outlook. Chainlink Price Surges with Increased Market Activity Chainlink price has seen a notable price increase over the past 24 hours, surging by 8.24%. The top altcoin is hovering above the $12 support level, indicating strong market sentiment and potential for further growth. At the time of writing, the LINK price hovered at $12.43, marking a solid recovery from its recent low of $11.44 earlier in the day. The daily technical indicators for LINK show a moderate bullish trend. The Moving Average Convergence Divergence (MACD) shows a positive momentum. The MACD line (blue) has crossed above the signal line (orange), indicating a potential continuation of the upward movement. The histogram suggests increasing bullish momentum. Chainlink Price Chart| Source: TradingView Will LINK Price Reach $20 Amid Growing Optimism? The MVRV ratio indicates potential overbought or oversold conditions, with peaks in red correlating to periods of higher realized profit or loss among holders.  The price of LINK has gradually declined since March 2024, followed by some recovery in September. The MVRV ratio fluctuates around the 0% line, with frequent spikes in both directions. The current LINK price is $12.443, and the MVRV ratio is 1.075%, suggesting moderate holder profitability. Source: Santiment According to Coinglass data, trading metrics have significantly increased recently. Trading volume has surged by 31.54%, reaching $379.43 million. Concurrently, open interest, which indicates the total number of outstanding derivative contracts, has also risen by 17.32% to…

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Filed under: News - @ September 25, 2024 9:21 pm