Key takeaways
- Chainlink is the best performer among the top 20 cryptocurrencies by market cap, up 10% in the last 24 hours.
- LINK could reclaim the $20 level soon as bullish momentum returns.
Chainlink outperforms other major coins
LINK, the native coin of the Chainlink blockchain, is up by 10% in the last 24 hours, outperforming the other major cryptocurrencies. The rally saw LINK surge from the Friday low of $15 and is now trading close to $19 per coin.
There is no major catalyst behind the move as the broader crypto market is currently undergoing a recovery. Bitcoin, the leading cryptocurrency by market cap, is trading above $111k after dropping below $104k over the weekend.
Altcoins are also in the green, with Ether leading the way after reclaiming $4k. BNB, SOL, XRP, DOGE, TRX, and ADA all added over 2% to their values in the last 24 hours. Thanks to the ongoing recovery, the total cryptocurrency market cap now stands at $3.75 trillion.
LINK eyes $20 amid bullish price action
The LINK/USD 4-hour chart remains bearish and inefficient despite Chainlink adding 10% to its value in the last 24 hours. At press time, LINK is trading at $18.8. However, the technical indicators are switching bullish as more buyers enter the market.
The RSI of 67 shows that buyers are in control, and LINK/USD could enter the overbought region soon if the bullish trend continues. The MACD lines are also within the positive area, indicating a strong bullish bias at the moment.
If the rally continues, LINK could reclaim the $20 level over the next few hours. An extended rally would allow LINK to target the major resistance and TLQ level at $23.5 over the next few hours or days.
On the flip side, failure to build on this momentum could see LINK decline towards the weekend low of $15.7. An extended bearish run would see LINK retest the October 7 low of $14.9 in the near term.
