Key takeaways
- Chainlink’s LINK could rally towards the $17 resistance level amid improved technicals.
- Chainlink partnered with Mastercard on Tuesday, with the price surging by 11% afterward.
LINK hits $13 after Mastercard partnership, looks to rally higher
LINK, the native coin of the Chainlink blockchain, surged to the $13 mark yesterday after adding 11% to its value. At press time, the price of LINK stands at $13.284 and could rally higher in the near term.
The positive performance comes amid strong fundamentals. The ceasefire deal in the Middle East spurred a massive rally in the market. Furthermore, Chainlink announced on Tuesday that it has partnered with Mastercard to enable over 3 billion cardholders to buy crypto onchain.
In addition to leveraging Chainlink’s interoperability protocol and data standards, the partnership will also tap into key platforms and protocols, including Zerohash, Shift4 Payments, and XSwap.
LINK could rally towards the $17 resistance level
The LINK/USD 4-hour chart is currently bullish after the price defended the $11 support level over the weekend. The technical indicators are also bullish and suggest that LINK could rally higher in the near term.
The RSI of 62 shows that LINK is currently experiencing buying pressure from investors. If the momentum increases, the RSI could enter the overbought region of 80, last seen in May.
The MACD lines have also crossed into positive territory, indicating that the bulls are currently in control. While LINK/USD is bullish, the price is still inefficient. LINK could fill the fair value gap (FVG) at $12.4 before rallying higher.
With the bulls still in control, LINK could rally to the first resistance level at $14.23 in the coming hours or days. In the event of an extended bullish run, LINK could test the second major resistance level at $17 for the first time since May.
Overall, the LINK/USD pair is positive, and we might see a slight correction before the rally resumes.
