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.
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.
