Key takeaways
- Chainlink’s LINK is up nearly 3% and is now targeting the $25 level.
- The market is undergoing a recovery after a bearish start to the week.
LINK recovers from Monday’s dip
LINK, the native coin of the Chainlink blockchain, lost roughly 8% of its value on Monday as the market opened the new week bearish. The flush saw LINK drop to the $20.3 low yesterday, but it has now slightly recovered.
At press time, LINK is trading at $21.835 per coin, and could rally higher in the near term as the broader crypto market embarks on a recovery. BTC reclaimed the $113k level earlier today, while Ether, XRP, SOL, BNB, and DOGE are all performing well over the last few hours.
Chainlink remains one of the most widely used blockchains in the crypto space and beyond. As it continues to gain adoption, LINK’s value could soar higher in the medium to long term.
LINK targets $25 as $20 support holds
The LINK/USD 4-hour chart is bearish and efficient as LINK lost 8% of its value over the last seven days. The momentum indicators remain bearish but are showing signs of recovery in the near term.
The MACD lines crossed over into bearish territory during the weekend, with the RSI of 36 also confirming a bearish bias in the near term.
If the bearish trend continues, LINK could retest the $20.3 low again over the next few hours. Failure to defend this low could see LINK drop below $20 for the first time since August 9.
On the flip side, if the market recovery gains momentum, LINK could surge higher and hit the TLQ level at $23.89 over the next few hours. An extended bullish run would allow the coin to touch $25 for the second time this month.
