Key takeaways
- Chainlink is the strongest performer among the top 20 cryptocurrencies by market capitalization, rising 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, gained 10% over the last 24 hours, outperforming other major cryptocurrencies. The rally pushed LINK up from Friday’s low of $15 and it is now trading near $19 per token.
There was no single, clear catalyst for the move; rather, the broader crypto market is enjoying a recovery. Bitcoin, the largest cryptocurrency by market cap, is trading above $111,000 after dipping under $104,000 over the weekend.
Altcoins are also in the green, with Ether leading the gains after reclaiming the $4,000 mark. BNB, SOL, XRP, DOGE, TRX and ADA each added more than 2% in the last 24 hours. With this ongoing rebound, total crypto market capitalization has risen to $3.75 trillion.
LINK eyes $20 amid bullish price action
The 4-hour chart for LINK/USD remains technically neutral-to-bearish despite the 10% gain over the past day. At the time of writing, LINK trades around $18.80. Technical indicators, however, are shifting bullish as more buyers enter the market.
A 67 reading on the RSI indicates buyers are in control and LINK/USD could enter overbought territory if the bullish trend continues. The MACD lines are also in positive territory, further suggesting a strong bullish bias at this time.
If the rally continues, LINK could retake the $20 level within the next few hours. A sustained move higher would put LINK in a position to target the next major resistance and trendline level around $23.50 over the coming hours or days.
Conversely, should the token fail to build on this momentum, LINK could drop back toward the weekend low near $15.70. A prolonged bearish run would increase the likelihood of a retest of the October 7 low around $14.90 in the near term.