Key takeaways
- Chainlink is the best-performing cryptocurrency among the top 20 by market capitalization, rising about 10% in the last 24 hours.
- LINK could reclaim the $20 level soon if momentum continues.
Chainlink outperforms other major coins
LINK, the native token of the Chainlink network, climbed roughly 10% over the past 24 hours, outpacing other major cryptocurrencies. The rally pushed LINK up from Friday’s low near $15 to trade close to $19 per coin.
There is no single obvious catalyst driving the move; rather, it comes as the broader crypto market experiences a general recovery. Bitcoin, the largest cryptocurrency by market cap, has rebounded to above $111,000 after dipping below $104,000 over the weekend.
Altcoins are also in the green, with Ether leading the pack after reclaiming the $4,000 level. BNB, SOL, XRP, DOGE, TRX and ADA have each added more than 2% over the last 24 hours. With the ongoing resurgence, total crypto market capitalization now stands around $3.75 trillion.
LINK eyes $20 during price action
The 4-hour LINK/USD chart remains technically bearish and structurally weak despite Chainlink’s 10% gain over the past day. At the time of writing, LINK is trading around $18.80. Technical indicators, however, are shifting to a more bullish bias as buyers step in.
The RSI at about 67 indicates buyers are in control, and LINK/USD could enter overbought territory if the uptrend continues. MACD lines have also moved into positive territory, signaling growing bullish sentiment at the moment.
If the rally persists, LINK could retake the $20 mark within the next few hours. A sustained advance would allow LINK to target the primary resistance and TLQ level near $23.50 over the coming hours or days.
Conversely, failure to capitalize on current momentum could see LINK retreat toward the weekend low around $15.70. A prolonged bearish stretch would likely prompt LINK to re-test the October 7 low near $14.90 in the near term.