Key Takeaways
- Chainlink is the top performer among the 20 largest cryptocurrencies by market capitalization, gaining 10% in the past 24 hours.
- LINK could reclaim the $20 level soon if bullish momentum continues.
Chainlink Outperforms Major Coins
LINK, the native token of the Chainlink network, has risen roughly 10% over the last 24 hours, outperforming other major cryptocurrencies. The surge pushed LINK up from Friday’s low of $15 and it is now trading near $19 per token.
There is no single major catalyst driving the move; rather, the broader cryptocurrency market is experiencing a recovery. Bitcoin, the largest cryptocurrency by market cap, has rebounded above $111k after dipping below $104k over the weekend.
Altcoins are also trading higher, with Ether leading gains after retaking the $4k mark. BNB, SOL, XRP, DOGE, TRX and ADA each added more than 2% in the past 24 hours. With this ongoing recovery, total crypto market capitalization has risen to approximately $3.75 trillion.
LINK Eyes $20 Amid Bullish Price Action
Despite the 10% uptick over the past day, the 4-hour chart for the LINK/USD pair still reflects a broader bearish trend and some inefficiency. At the time of writing, LINK is trading around $18.8. Technical indicators, however, are turning bullish as more buyers enter the market.
The Relative Strength Index (RSI) at about 67 indicates buyers are in control, and LINK/USD could enter overbought territory if the rally continues. MACD lines are also in positive territory, suggesting a strong bullish bias right now.
If the rally extends, LINK could reclaim the $20 level within hours. A sustained move higher could see LINK target the primary resistance and the TLQ level near $23.5 over the coming hours or days.
Conversely, if bullish momentum fades, LINK could slide back toward the weekend low of $15.7. A prolonged downturn would likely push LINK to retest the October 7 low around $14.9 in the short term.