The LINK/USD pair could rise another 20% if bulls attempt further moves above $35.
Chainlink ‘s price has jumped more than 14% in the past 24 hours to trade above $34, with bulls looking to extend the bullish move toward $40.
LINK/USD’s double-digit gains come as the overall crypto market is having a great start to the week after Bitcoin (BTC) broke above $51,000.
Across the market,Ethereum is hovering around $3,950 with traders looking for a break above the $4,000 level, while Bitcoin Cash (BCH) and Filecoin (FIL) are also seeing double-digit moves to trade at $794 and $116 respectively.
At the same time, the total capitalization of the crypto market has increased by 3.5% over the past 24 hours to currently stand at around $2.46 trillion.
LINK Price Analysis
According to social and on-chain measurement platform Santiment, Chainlink’s price surge comes as development activity on Github hits new highs.
Chart showing LINK’s price and development activity. Source: Santiment
Chainlink’s various price stream integrations have also helped bolster positive sentiment around the protocol, a scenario that could combine with new moves in decentralized finance (DeFi) to see LINK’s price target resistance levels in the $37-$42 range.
On the technical side, LINK price has seen significant gains after breaking through the 200-day moving average. The rise even established a nice support area above $30, with a retest of the horizontal line providing a base for further gains.
Daily chart of LINK/USD. Source: TradingView
The overbought conditions on the daily RSI and the bullish cross on the MACD highlight a potential continuation of the uptrend. If Chainlink breaks the $37 barrier, new targets for LINK/USD would likely be around $43.
On the other hand, if the price fails to hold above $33, a decline is possible to the 200 MA at $28 and probably to the horizontal support line around $25.