Is Chainlink Token Strong Comeback Heading Towards $30 Mark?

• Chainlink token is trying to move higher, after a pullback from higher levels and now heading towards the higher levels. 
• The crypto asset is forming the bullish engulfing candle and moving towards the minor rejection zone, with average volume activity. 
• The pair of LINK/BTC is trading at 0.0004741 BTC with an intraday gain of +5.80%, and the ratio of LINK/ETH is CMP at 0.007499 ETH with an intraday rally of +5.64%.

Chainlink token over the monthly time frame is trying to move higher while suppressing its short-term moving averages of 20, 50, 100, and 200-days. Presently, the coin is attempting to sustain all major DMA lines, and volume activity is recorded near the average volume line. The token needs to jump above the supply zone; then, we can expect the initial target of $30.

Volume over the monthly chart is recorded near the average line and needs to grow strongly in upcoming sessions. The sustainability above the major DMA lines, with supportive volume action, will boost more buyers. Support on the lower side is $23.55 and $22.10, whereas resistance on the higher side is $28.20 and $31.20.

Chainlink token bulls are approaching their supply zone over the monthly chart

Chainlink token bulls are approaching their supply zone over the monthly chart, while the technical parameters are heading higher. Volume activity over the chart is lower and needs to increase enormously in forthcoming sessions. Once the coin manages to suppress the supply zone, positive volume action will create substantial upside in near-term sessions. LINK price is trading at $27.60 with an intraday jump of +12.92%, and the volume to market cap ratio is 0.1081.  

Relative Strength Index (BULLISH): Chainlink token RSI is trading bullish, with a strong recovery from the lower levels. The coin is trading positive and reaches near its major rejection zone and RSI at 66. 

Moving Average Convergence Divergence (BULLISH): The daily chart indicates a bullish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) overpower the seller’s line with positive crossover.     

Support levels: $23.55 and $22.10

Resistance levels:  $28.20 and $31.20.