coinjournal.net
Key takeaways
- $LINK is the best performer among the top 20 cryptocurrencies by market cap, up nearly 2%.
- Chainlink’s native coin is now trading above $25 per coin.
$LINK up nearly 2% as the broader market underperforms
The crypto market was extremely bearish over the weekend, with nearly $200 billion wiped out from the market during that period. Bitcoin has dropped to the $115k zone while Ether is trading above $4,200 after failing to make a new all-time high last week.
However, $LINK, the native coin of the Chainlink blockchain, is the only cryptocurrency in the top 20 to perform positively. $LINK is up by more than 1% over the last 24 hours and is now trading above $25.
Its rally comes following recent developments like the launch of the Chainlink Reserve and its partnership with ICE, the company behind the New York Stock Exchange. Analysts believe that $LINK is currently undervalued and its price could soar higher in the near term. $LINK is currently the 11th-largest cryptocurrency by market cap after surpassing Hypiliquid’s $HYPE earlier this month.
$LINK targets $30 as bullish momentum continues
The $LINK/USD 4-hour chart is bullish thanks to the coin’s ongoing rally. However, it is inefficient, suggesting that $LINK could sweep liquidity to the downside before continuing its rally.
The MACD lines are deep within the positive region, indicating a bullish momentum. The RSI of 59 also shows that $LINK is still far away from the overbought region, indicating further room for growth.
$LINK/USD 4H chart">
If the rally is sustained, $LINK could surge past the first major resistance level at $30 over the next few days. An extended bullish run would allow $LINK to trade around $35 for the first time in four years. However, $30 could serve as a profit-taking region for long-term holders.
On the flip side, if $LINK faces a correction like the broader market, it could drop to the TLQ and support level at $21 over the next few hours.