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"LINK's 31% Rally: Traders, Watch Key Levels"

Coin WorldThursday, Jan 30, 2025 6:23 am ET

1min read

Based on the provided news articles, here's a summarized and restructured news report in the style of Bloomberg:

LINK – Is a 31% Rally Possible? Traders, Watch Out for THESE Levels

Dogwifhat, a popular crypto influencer, recently shared a post on Twitter discussing the potential for a 31% rally in LINK, the native token of the decentralized perpetuals exchange Hyperliquid. The post highlighted key resistance and support levels that traders should watch out for.

According to the post, LINK has been trading in a tight range between $23.12 and $27.53, with the 20-day Exponential Moving Average (EMA) acting as a strong resistance level. However, LINK has recently broken above this level, signaling a potential shift in market trends and hinting at the possibility of an extended rally.

The post also mentioned the On-Balance Volume (OBV) indicator, which has not yet achieved a new high, suggesting caution in interpreting the bullish momentum. Additionally, the daily RSI recovered partly from oversold territory but remained below neutral, reinforcing the need for sustainable buying pressure.

If LINK accumulation strengthens, it could extend its current rally. In that case, its price could break above the resistance formed at $27.53 to trade at $30.37, a level it last reached in December. However, a surge in profit-taking could invalidate this bullish outlook and lead to a pullback towards the 20-day EMA at $23.12.

HYPE Clears Major Hurdle – Rally to $30 Underway?

HYPE, the native token of the decentralized perpetuals exchange Hyperliquid, has emerged as the top gainer in the cryptocurrency market over the past 24 hours, with a 17% price surge. This double-digit rally has pushed HYPE above its 20-day Exponential Moving Average (EMA), a critical resistance level it had struggled to break through for the past nine days. This signals a decisive shift in market trends and hints at the possibility of an extended rally.

An assessment of the HYPE/USD one-day chart reveals that HYPE now trades above its 20-day EMA. This key moving average measures an asset’s average

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