Key takeaways
- Chainlink is the top performer among the top 20 cryptocurrencies by market capitalization, rising 10% over the past 24 hours.
- LINK could reclaim the $20 level soon if bullish momentum continues.
Chainlink outperforms other major coins
LINK, the native token of the Chainlink network, jumped roughly 10% over the last 24 hours, outperforming many leading cryptocurrencies. The rally pushed LINK up from Friday’s low near $15 to trade close to $19 per coin.
No single catalyst was identified for the move; instead it came as part of a broader crypto market recovery. Bitcoin, the largest cryptocurrency by market cap, traded above $111k after dipping below $104k over the weekend.
Major altcoins also traded higher, with Ether leading gains after reclaiming the $4,000 mark. BNB, SOL, XRP, DOGE, TRX and ADA each added more than 2% in value over the past 24 hours. Thanks to the ongoing recovery, total crypto market capitalization now stands around $3.75 trillion.
LINK eyes $20 amid bullish price action
The 4-hour LINK/USD chart remained technically corrective despite the 10% uptick over 24 hours. At the time of writing, LINK traded near $18.80. Technical indicators have shifted bullish as more buyers enter the market.
The RSI reading near 67 indicates buyers are in control, and LINK/USD could enter overbought territory if the uptrend persists. The MACD lines are in positive territory as well, signaling strong bullish momentum at present.
If the rally continues, LINK could retake the $20 level within hours. A sustained move higher would open a target toward the next significant resistance and the TLQ level around $23.50 in the near term.
Conversely, failure to sustain momentum could see LINK slide back toward last weekend’s low near $15.70. A prolonged downturn would likely test the October 7 low around $14.90 in the short term.