Key Takeaways
- Chainlink’s LINK rises nearly 3%, targeting the $25 mark.
- The market is stabilizing following a downturn earlier in the week.
LINK Recovers from Monday’s Drop
LINK, the native cryptocurrency of the Chainlink blockchain, experienced an approximately 8% decline on Monday as the market began the week on a bearish note. This downturn saw LINK drop to a low of $20.30, but it has since shown signs of recovery.
As of the time of this report, LINK is trading at $21.83 per coin and could see further gains in the short term as the broader cryptocurrency market embarks on a recovery phase. Bitcoin regained the $113,000 mark earlier in the day, while Ether, XRP, SOL, BNB, and DOGE demonstrated strong performance in recent hours.
Chainlink remains one of the most utilized blockchains in the cryptocurrency space and beyond. As its adoption continues to grow, LINK’s value could potentially skyrocket in the medium to long term.
LINK Aims for $25 as $20 Support Holds
The 4-hour chart for LINK/USD currently reflects a bearish trend, with LINK having lost 8% of its value in the past week. Momentum indicators remain negative, though they are showing signs of short-term recovery.
The MACD lines entered bearish territory over the weekend, with the RSI at 36 confirming a short-term bearish bias.
If the downward trend continues, LINK may retest its low of $20.30 in the coming hours. A failure to maintain this low could result in LINK falling below $20 for the first time since August 9.
Conversely, if the market recovery gains momentum, LINK could surge and reach a target level of $23.89 in the next few hours. A sustained bullish run could allow the coin to hit $25 for the second time this month.
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