Key Takeaways
- Chainlink is the top performer among the top 20 cryptocurrencies by market capitalization, rising by 10% in the last 24 hours.
- LINK could approach the $20 mark if upward momentum returns.
Chainlink Outperforms Other Major Cryptocurrencies
LINK, the native token of the Chainlink blockchain, has surged by 10% in the past 24 hours, outperforming other leading cryptocurrencies. The rally saw LINK rebound from a low of $15 on Friday and trade near $19 per token.
There is no major catalyst behind this rise, as the broader cryptocurrency market is currently experiencing a recovery. Bitcoin, the largest cryptocurrency by market capitalization, is trading above $111,000 after dipping below $104,000 over the weekend.
Other altcoins are also in the green, with Ethereum leading after recovering to $4,000. BNB, SOL, XRP, DOGE, TRX, and ADA have all increased by more than 2% in the last 24 hours. Thanks to this ongoing recovery, the total cryptocurrency market capitalization now stands at $3.75 trillion.
LINK Aims for $20 Amid Bullish Price Action
The four-hour chart for LINK/USD remains bearish and ineffective, despite Chainlink’s 10% gain over the last day. At the time of writing, LINK is trading at $18.80. However, technical indicators are turning bullish as more buyers enter the market.
The RSI at 67 shows that buyers are in control, and LINK/USD could soon enter the overbought region if the bullish trend continues. The MACD lines are also in positive territory, indicating a strong bullish bias for now.
If the rally continues, LINK could reach the $20 mark within the next few hours. A prolonged rally would allow LINK to target major resistance and the TLQ level at $23.50 in the coming hours or days.
Conversely, failing to maintain this momentum could see LINK drop towards the weekend’s low of $15.70. A sustained decline could lead LINK to retest the October 7 low of $14.90 in the short term.
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