The cryptocurrency market continued its rally over the weekend, which could fuel further gains in the coming days
The cryptocurrency market has been slowly recovering from the slumps of May and June over the past few weeks, and the trend continued during the weekend. Bitcoin rose past the $47,000 mark after recording an increase of 9% over the past seven days.
Ether is also up by 12.4% in the past week and is currently trading close to the $3,300 region. Chainlink’s performance is even better, up by 8% in the past 24 hours and could likely breach the $30 level over the coming hours.
The short-term prediction for the market looks better, with some analysts expecting more positive runs in the coming days and weeks. Furthermore, the medium and long-term predictions have also improved, thanks to the recent performance of the broader market.
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LINK price analysis
The LINK/USDT 4-hour chart is one of the most bullish amongst the top 20 cryptocurrencies by market cap. LINK is currently trading at $29.23 per coin and could be set to surpass the $30 mark and set a new 30-day high over the coming hours.
If the current bullish movement continues, LINK could soon surpass the next resistance point above $31. In the event of an extended rally fuelled by the broader cryptocurrency market, LINK could top the major resistance point at $34 over the coming hours.
LINK/USDT 4-hour chart. Source: Coinalyze
LINK’s technical indicators are positive at the moment. The MACD line is in the bullish region, while the 4-hour RSI stands at 69, close to the overbought (OB) area. Only Dogecoin and Solana currently outperform Chainlink amongst the top 20 cryptocurrencies.
However, if the bulls fail to top $30 and continue the rally, the bearish sentiment might return. A bearish run could expose the first major support at $26.83. Unless there is an extended market sell-off, Chainlink should comfortably defend the support level established at its 100-4-hour simple moving average ($24.43).