Here is why LINK is up by more than 10% so far
The cryptocurrency market continues to underperform for the fourth consecutive week, but some coins have been rallying over the past 24 hours.
The broader crypto market is yet to recover from the massive dip that affected it a few days ago. Bitcoin is still struggling around the $50k level while Ether is trading just below the $4,300 mark at press time.
However, some cryptocurrencies have been performing excellently. LINK, the native coin of the Chainlink ecosystem, has been rallying over the past 24 hours. The cryptocurrency’s value is up by more than 10% since the start of the day.
The rally comes after Chainlink Labs, the development team behind Chainlink, announced that it had hired former Google CEO Eric Schmidt to serve as a strategic advisor. Schmidt brings to the table decades of corporate experience after serving as Google’s CEO for ten years, between 2001 and 2011.
He oversaw the introduction of numerous products, including Gmail and AdSense and the acquisitions of YouTube and Android. Since his appointment, LINK has been rallying, outperforming some of the leading cryptocurrencies in the market.
Key levels to watch
The LINK/USD 4-hour chart is one of the most bullish in the market at the moment. The MACD line is above the neutral zone while the RSI of 64 shows that LINK is heading into the oversold territory and the cryptocurrency is bullish.
If the current momentum is maintained, then LINK could break past the first major resistance level at $25.81 over the next few hours. An extended rally from LINK could see it test the next resistance point at $28.05.
However, LINK would need the support of the broader cryptocurrency market if it wants to break past the $33 psychological level over the next few hours. At press time, LINK is trading at $22.65 per coin.