LINK Token Surges 13% as Mastercard Partnership Boosts Demand and Crypto Market Recovery: Analysis and Outlook for LINKs Future Performance
On Tuesday, the interoperability platform and oracle provider Chainlink's native token LINK demonstrated remarkable strength, climbing more than 13% over 24 hours to a high of $13.51. The surge in price came amid easing tensions in the Middle East with a ceasefire between Israel and Iran, which spurred a broad crypto market recovery. 98 of the top 100 tokens posted gains, with bitcoin (BTC) rebounding to $106,000. However, LINK vastly outperformed both bitcoin's 2.8% increase and the broad-market benchmark CoinDesk 20 Index's 5% advances.
The bullish action of the token came as Chainlink announced a partnership with global payments operator Mastercard earlier in the day. The partnership will enable over 3 billion cardholders to purchase cryptocurrencies directly on-chain. This news has further fueled the momentum behind LINK, as traders anticipate increased demand for the token as a result of the new partnership.
Technical analysis shows that LINK has formed a clear uptrend with higher lows and higher highs, breaking through key resistance at $12.50 on substantial volume. Strong support has been 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. With the recent surge in price and positive news surrounding Chainlink's partnership with Mastercard, it's clear that LINK is a token to watch in the coming weeks and months. As the market continues to recover and new partnerships are announced, LINK could continue to outperform the broader market and reach new heights.
