Chainlink (LINK) has been making waves with its recent price movements and developments. The current landscape presents a fascinating mix of potential resistance and support levels that could significantly influence the trajectory of LINK’s price.
This article will delve into the technical analysis of LINK’s price and highlight some of the key events that have shaped its trajectory.
What you'll learn 👉
LINK’s Price Analysis and Forecast
According to a recent video analysis by More Crypto Online, LINK’s price action has been somewhat unconvincing. The video pointed out that while LINK has been holding the neckline of an inverse Head and Shoulders pattern, it has shown signs of weakness as it has not broken through the previous resistance area. The video also highlighted that the altcoin market is currently suffering, particularly due to Bitcoin’s ongoing correction.
The analysis suggested that LINK’s price movements have been choppy and volatile, which could indicate a scaling in and scaling out tactic. The video emphasized that as long as the ascending trend line is holding, pullbacks to the trend channel support lines could be a potential trade setup. However, if the neckline support breaks, LINK could potentially re-test previous lows.
The first notable resistance level for Chainlink is situated around the $7.342 mark. If the price can overcome this barrier, it could trigger a new wave of upward momentum, potentially propelling the price toward the $7.500 and $7.893 levels. Beyond this, the next significant resistance level is at approximately $8. If this level is breached, the price could potentially revisit the $8.8 mark.
The video further elaborated that due to the choppy nature of the advance, there is still a possibility of a wave 4 with one more low to come, especially if we break below the neckline support which is at around $6.50. If that breaks, then LINK could be heading down and would most likely re-test those lows. However, the yellow support area, which is still relevant all the way down to $5.30, is worth paying attention to.
Recent Price Movements
Looking at the recent price movements of LINK, the coin has seen some fluctuations. The current price of LINK is $6.93 USD with a 24-hour trading volume of $573,459,124 USD.
The coin is up 3.94% in the last 24 hours. The current CoinMarketCap ranking is #21, with a live market cap of $3,728,881,405 USD. It has a circulating supply of 538,099,970 LINK coins and a max. supply of 1,000,000,000 LINK coins.
Chainlink’s Recent Developments
Chainlink has been making significant strides in the crypto space. The platform has recently collaborated with interbank payment processor SWIFT to deploy blockchain technology. This collaboration aims to test the use of Chainlink’s Oracle network in facilitating secure and efficient interbank transactions.
Chainlink also plans to launch staking rewards this year, allowing LINK token holders to secure the network and earn rewards by locking up their tokens into the protocol. The team has been working on a staking solution for years and is now satisfied with the security and scalability of the consensus system they’ve designed.
The platform has expanded beyond providing cryptocurrency price data and now offers a wide range of services. It has over 1,000 project integrations, with 700 Oracle networks securing over $75 billion in value. The ecosystem has seen significant growth in hackathon participants and public usage of Chainlink Github repositories.
In conclusion, despite the current volatility in the crypto market, Chainlink continues to make significant strides in its development and integration efforts. As the platform continues to expand its services and collaborations, it will be interesting to see how these developments will impact LINK’s price in the future.
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