Chainlink (LINK) rebounded after hitting a low of $7 on October 3. After two days of positive price action, LINK bulls paused to catch a breath. At the time of publication, LINK was trading marginally up at $7.86. Two Sigma Securities, a quantitative hedge fund with about $60 billion in assets under management, has entered into a partnership with Chainlink. According to the agreement, Two Sigma will provide data to the popular blockchain information network, Chainlink. Chainlink offers price feeds and other data through its oracle network, which can help Web3 developers get projects off the ground faster. Two Sigma’s market data include swaps, options, and other derivative-related information. The addition comes a week after financial services firm Galaxy Digital joined Chainlink to offer crypto pricing data to blockchains.
Key Levels
Resistance Levels: $12.00, $9.65, $8.00
Support Levels: $7.00, $6.21, $5.30
LINK/USD Daily ChartDespite reaching a yearly low of $5.28 on June 13, LINK’s price has been in a broadly sideways range since late June 2022. LINK price is currently in a battle within the daily moving average (MA 50) and daily moving average (200) barriers at $7.34 and $9.0 following the rebound. The pair’s price could rise to $14.0 with a successful attempt above the MA 200 ($9.0).
The barrier at $9.0 could limit bullish movements above this region. However, a move higher might enable LINK’s price to surpass the $28.71 high set at the beginning of the year. Selling interest below current levels may find support around the $6.21 level, which was taken from the most recent low before falling to $5.30.
LINK/USD 4-Hour ChartOn the 4-hour chart, LINK is maintaining its position at $7.86, well above the flat MA 50 after reaching an intraday high of $7.94 today. Looking at the technical indicators, the relative strength index (RSI) is getting close to 70, indicating a bullish advantage. Stronger upward trends may encounter the barrier at $8.00, which may be a crucial one for LINK bulls to break.
If not, a decline below the MA 50 ($7.64) could first hit the $7.50 support before tumbling to the $6.21 level. Bearish sentiment may come into play as a result of additional negative pressures, but with support at the $7.00 region, the LINK rally may continue to the upside as it attempts to sustain the breach of the MAs.
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