The cryptocurrency market remained bullish over the weekend, and further gains may follow in the coming days
For several weeks the cryptocurrency market has been slowly recovering from the declines of May and June, and that upward trend continued through the weekend. Bitcoin has climbed back above the $47,000 mark after gaining roughly 9% over the past seven days.
Ether also rose by about 12.4% during the past week and is currently trading near $3,300. Chainlink’s performance has also stood out: it rose roughly 8% in the last 24 hours and could push past the $30 level in the hours ahead.
Short-term market forecasts appear optimistic, with some analysts expecting further rallies in the coming days and weeks. Medium- and long-term outlooks have also improved, supported by the recent broad market performance.
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 in the top 20 cryptocurrencies by market cap. LINK is currently trading at $29.23 and could break the $30 barrier to establish a new 30-day high in the coming hours.
If the current bullish momentum continues, LINK may soon clear resistance at $31. With further upside across the crypto market, LINK could challenge the primary resistance level near $34 in the short term.
4-hour chart for LINK/USDT. Source: Coinalyze
LINK’s technical indicators are currently positive. The MACD line sits in bullish territory, while the 4-hour RSI is at about 69, approaching the overbought zone. Among the top 20 cryptocurrencies, only Dogecoin and Solana currently outperform Chainlink on short-term gains.
However, if LINK fails to hold above the $30 test level, bearish sentiment could return. A downside move may target primary support at $26.83. Unless a broader sell-off occurs, Chainlink should be able to defend the support established near the 100-period 4-hour simple moving average (around $24.43).