Chainlink price spikes double digits as crypto markets extend weekend gains

2021-9-7 14:46

The LINK/USD pair could surge a further 20% if bulls see fresh moves above $35

Chainlink price has surged more than 14% in the past 24 hours to trade above $34 as bulls seek to extend the upside move towards $40.

The double-digit gains for LINK/USD come as the overall crypto market is enjoying a great start to the week after Bitcoin (BTC) broke above $51,000.

Across the market, Ethereum price is hovering around $3,950 as traders seek a breakout above the $4,000 level, while Bitcoin Cash (BCH) and Filecoin (FIL) are also registering double-digit moves to trade at $794 and $116 respectively.

In the meantime, the total cryptocurrency market cap has increased by 3.5% in the past 24 hours to currently sit around $2.46 trillion.

LINK price analysis

According to on-chain and social metrics platform Santiment, Chainlink’s price surge comes as development activity on Github reaches new highs.

Chart showing LINK price and development activity. Source: Santiment

The various integrations of Chainlink price feeds have also added to the positive sentiment around the protocol, a scenario likely to combine with fresh moves in decentralised finance (DeFi) to see LINK price target resistance levels in the $37-$42 range.

On the technical front, LINK price has seen significant gains after breaching the 200-day moving average. Bulls have even established a nice support zone above $30, with a retest of the horizontal line providing a base for fresh gains.

LINK/USD daily chart. Source: TradingView

The overbought conditions of the daily RSI and the bullish crossover the MACD are highlighting a potential uptrend continuation. If Chainlink price breaks the $37 barrier, new targets for LINK/USD would likely be around $43.

On the flip side, failure to hold above $33 opens up a possible downturn to the 200 MA at $28 and likely to the horizontal support line around $25.

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extend markets weekend chainlink crypto gains price

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