The cryptocurrency market continued its rally over the weekend, which could lead to further price gains in the coming days
The cryptocurrency market has been slowly recovering from the slumps in May and June over the past few weeks, and the trend continued over the weekend. Bitcoin surged above the $ 47,000 mark after seeing a 9% increase in the past seven days.
Ether is also up 12.4% over the past week and is currently trading near the $ 3,300 region. Chainlink’s performance is even better, it’s up 8% in the past 24 hours and could likely break $ 30 in the next few hours.
The near-term forecast for the market looks better, with some analysts expecting more positive runs in the coming days and weeks. In addition, the medium and long term projections have also improved thanks to the recent development of the broader market.
LINK price analysis
The LINK / USDT 4-hour chart is one of the most bullish among the top 20 cryptocurrencies by market capitalization. LINK is currently trading at $ 29.23 per coin and could cross the $ 30 mark and set a new 30-day high in the coming hours.
If the current upward move continues, LINK could soon cross the next resistance point above USD 31. In the event of an extended rally fueled by the broader cryptocurrency market, LINK could break the main resistance point at $ 34 in the coming hours.
LINK / USDT 4 hour chart. Source: Coinlyze
LINK’s technical indicators are currently positive. The MACD line is in the bullish area while the 4-hour RSI is at 69, near the overbought (OB) area. Only Dogecoin and Solana currently outperform Chainlink among the top 20 cryptocurrencies.
However, if the bulls do not cross the $ 30 mark and the rally continues, bearish sentiment could return. A bearish run could reveal the first major support at $ 26.83. Unless there is a prolonged sell-off in the market, Chainlink should comfortably defend the support level set at its 100-4-hour simple moving average ($ 24.43).