Key takeaways
- Chainlink is the top performer among the 20 largest cryptocurrencies by market cap, rising 10% in the last 24 hours.
- LINK could reclaim the $20 level soon if bullish momentum continues.
Chainlink outpaces other major coins
LINK, Chainlink’s native token, has jumped 10% over the past 24 hours, outperforming other major cryptocurrencies. The rally pushed LINK up from Friday’s low near $15 and it is now trading close to $19 per token.
There was no single clear catalyst for the move; the broader crypto market is simply experiencing a recovery. Bitcoin, the top cryptocurrency by market cap, is trading above $111,000 after dipping below $104,000 over the weekend.
Altcoins are also in the green, led by Ether, which has reclaimed the $4,000 level. BNB, SOL, XRP, DOGE, TRX and ADA have each added more than 2% in the past 24 hours. Thanks to this ongoing rally, total crypto market capitalization now stands at $3.75 trillion.
LINK eyes $20 as bullish price action builds
Despite the 10% gain, the LINK/USD 4-hour chart remains mixed, and the pair could still be considered vulnerable until the price confirms the breakout. At the time of writing, LINK trades around $18.80. Technical indicators, however, are shifting bullish as buyers step in.
The 67 reading on the RSI suggests buyers are in control, and LINK/USD may move into overbought territory if the bullish trend continues. MACD lines sit in positive territory as well, reinforcing the current upside bias.
If the rally extends, LINK could reclaim the $20 level within hours. A sustained upswing might then target the next major resistance and trendline area near $23.50 in the coming hours or days.
On the downside, failure to build on current momentum could see LINK revisit the weekend low near $15.70. A prolonged bearish move would likely test the short-term support around $14.90.