Chainlink (LINK) has seen significant gains in the last few days, with a 4% increase in the past 24 hours. This rise has helped LINK recover from its weekly losses. Currently, the altcoin is sitting on a crucial support level below a significant price barrier.

A breakthrough above this barrier would indicate a shift in price direction. On the daily chart, the technical outlook for LINK is bullish, with buyers showing confidence and demand increasing. Accumulation has also turned positive.

However, like many altcoins, LINK has been unable to break through its immediate resistance marks due to Bitcoin’s indecisive price action.

If Bitcoin manages to reach the $29,000 price zone again, LINK may be able to surpass its overhead ceiling. Until then, LINK needs to be cautious of the $7.30 support line. If it falls below that level, the bullish sentiment may disappear from the charts.

(by anushsamal)