Should you buy Link after Sunday's 9% surge?

After ChainLink (LINK/USD) price fell more than 50% in less than a month, investors breathed a sigh of relief as it traded almost 10% higher on Sunday. Link fell from $30 to $14 in just 15 days and is one of the worst-hit coins in this sell-off. Chainlink is a decentralized network of oracles that enables smart contracts to securely interact with real-world data and services that exist outside of blockchain networks. With Chainlink, the traditional systems that currently power the modern economy can be connected to the burgeoning blockchain industry to bring greater security, efficiency and transparency to business and social processes.

After falling over 50%, Link has been trading at the same price as in July, leaving investors looking for ways to buy Link before it would bounce back at a higher price. Link continues to have solid fundamentals. It therefore looks like Link has become oversold due to panic selling and hence could trade above the $20 level again soon. However, investors should be cautious and wait for Link to break a strong resistance before buying as Link could fall further. This may be the start of a recovery for Link. So, should you buy Link before it trades back above $20?

Link has a strong resistance at $18 so investors should wait for Link to break $18 before making any long entries.

A breakout of Link will show strength and confirm a bullish view.

The RSI has been oversold and hence investors are seen returning to buy Link.

Investors can set a target of $23 followed by $27.

A stop loss can be set at $15.

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