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Chainlink's LINK Surges 13% as Mastercard Partnership Fuels Rally Amid Crypto Recovery
LINK momentum indicators suggest continued bullish sentiment with potential for further upside.
Interoperability platform and oracle provider Chainlink's native token LINK demonstrated remarkable strength on Tuesday, climbing more than 13% over 24 hours to a $13.51 high.
Easing tensions in the Middle East with a ceasefire between Israel and Iran already spurred a broad crypto market recovery, with 98 of the top 100 tokens posting gains and bitcoin BTC rebounding to $106,000.
Still, LINK vastly outperformed bitcoin's 2.8% and the broad-market benchmark CoinDesk 20 Index's 5% advances.
The token's bullish action comes as Chainlink announced earlier during the day a partnership with global payments operator Mastercard to enable over 3 billion card holders to purchase cryptocurrencies directly on-chain.
Read more: Chainlink, Mastercard Tie-Up to Let Nearly 3B Cardholders Buy Crypto On-Chain
Technical Analysis
- LINK formed a clear uptrend with higher lows and higher highs, breaking through key resistance at $12.50 on substantial volume.
- Strong support established at $12.85-$13.00, confirmed by multiple tests with above-average volume.
- Momentum indicators suggest continued bullish sentiment with potential for further upside.
- Traders should monitor the $13.30-$13.35 resistance zone where recent profit-taking occurred.
