The cryptocurrency market extended its weekend rally, potentially setting the stage for further gains in the coming days.
The cryptocurrency market has been gradually recovering from the May and June sell-offs over the past few weeks, and that momentum continued through the weekend. Bitcoin (BTC) climbed past the $47,000 level after gaining roughly 9% over the last seven days.
Ether (ETH) has risen about 12.4% during the past week and is currently trading near the $3,300 area. Chainlink’s performance has been even stronger: it gained approximately 8% in the last 24 hours and appears poised to challenge the $30 level in the near term.
Short-term market outlooks look promising, and several analysts expect additional upside in the days and weeks ahead. Medium- and longer-term forecasts have also improved following the recent broad-based market strength.
Long term $BTC longs open at 29.6k. My take profit zones are ~89k ~99k. Build enough knowledge to trust it even when the whole world is against you https://t.co/LhC4pMzr9K pic.twitter.com/dDF0RyKCIY
— ₿IRB (@crypto_birb) August 16, 2021
LINK Price Analysis
The 4-hour chart for LINK/USDT is among the most bullish of the top 20 cryptocurrencies by market capitalization. Chainlink is currently trading at $29.23 per token and may be setting up to break above $30 and reach a new 30-day high within hours.
If the current bullish momentum persists, LINK could soon overcome resistance above $31. In a sustained rally led by broader market strength, LINK might challenge the $34 resistance level in the near term.
LINK/USDT 4-hour chart. Source: Coinalyze
Technical indicators for LINK are currently constructive. The MACD line sits in bullish territory while the 4-hour RSI is around 69, approaching the overbought zone. Only Dogecoin and Solana among the top 20 tokens are outperforming Chainlink at the moment.
That said, if bulls fail to push LINK above $30, bearish pressure could reappear. A corrective move would likely expose the first significant support near $26.83. Barring a large sell-off, Chainlink should be able to reasonably defend the 4-hour 100-period simple moving average, which currently sits around $24.43.