Main Takeaways
- LINK is the top performer among the top 20 cryptocurrencies by market capitalization, rising nearly 2%.
- The native coin of Chainlink is now trading above $25 per unit.
LINK Rises Nearly 2% Amid Broader Market Decline
The cryptocurrency market experienced a significant downturn over the weekend, erasing nearly $200 billion in value. Bitcoin fell into the $115,000 range, while Ethereum traded above $4,200 after failing to hit a new all-time high last week.
In contrast, LINK, the native token of the Chainlink blockchain, stands out as the only cryptocurrency in the top 20 to post a positive performance. LINK increased by more than 1% in the last 24 hours, trading now above $25.
This rise follows recent developments, including the launch of the Chainlink reserve and a partnership with ICE, the company behind the New York Stock Exchange. Analysts believe LINK is currently undervalued and predict its price could surge in the near term. LINK is now the 11th largest cryptocurrency by market capitalization after surpassing the $HYPE token from Hypiliquid earlier this month.
LINK Eyes $30 as Bullish Momentum Continues
The 4-hour chart for LINK/USD is showing bullish signs thanks to the current rally. However, it appears to be inefficient, suggesting LINK may sweep liquidity downward before continuing its upward trend.
The MACD lines are deeply in the positive territory, indicating bullish momentum. Additionally, with a Relative Strength Index (RSI) of 59, LINK still has room to grow, as it remains far from overbought levels.
If the rally persists, LINK could surpass the first major resistance level at $30 in the coming days. A prolonged bullish run might see LINK trading around $35 for the first time in four years. However, $30 could serve as a profit-taking region for long-term holders.
On the other hand, if LINK faces a correction akin to the broader market, it could drop to its support level at $21 in the upcoming hours.
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