Key Takeaways
- Chainlink is one of the best-performing top-20 cryptocurrencies by market capitalization, rising about 10% in the past 24 hours.
- LINK could retest the $20 level soon if the upward momentum continues.
Chainlink Outperforms Larger Coins
LINK, the native token of the Chainlink network, has climbed roughly 10% over the last 24 hours, outpacing many larger cryptocurrencies. The rally pushed LINK up from a Friday low near $15 to trading around $19 per token.
There was no single clear catalyst behind the move; instead, the broader crypto market appears to be in a recovery phase. Bitcoin, the largest cryptocurrency by market cap, has bounced back above $111,000 after briefly dipping below $104,000 over the weekend.
Altcoins are also in the green, with Ether reclaiming the $4,000 level. BNB, SOL, XRP, DOGE, TRX and ADA have each gained more than 2% in the past 24 hours. The ongoing recovery has pushed total cryptocurrency market capitalization to about $3.75 trillion.
LINK Eyes $20 amid Rising Price Action
The LINK/USD 4-hour chart remains technically in a downtrend and shows prior weakness, despite the token’s recent 10% gain. At the time of writing, LINK is trading near $18.80. Technical indicators, however, are turning bullish as buying pressure increases.
A 67 reading on the Relative Strength Index (RSI) indicates buyers are in control, and LINK/USD could enter overbought territory if the rally continues. The MACD lines are also in positive territory, signaling a rising bullish momentum at present.
If the current rally extends, LINK could reclaim the $20 mark within the coming hours. A sustained advance would set the stage for a test of the larger resistance zone and a target near $23.50 in the next several hours to days.
Conversely, if upward momentum fades, LINK could slide back toward the recent weekend low around $15.70. In a deeper decline, the token could retest the October 7 low near $14.90 in the near term.