Following its listing on the stock brokerage app, Robinhood, Chainlink’s (LINK) price increased before paring off the gains amid the recent market downturn. LINK rose from $6.32 to reach an intraday high of $7.24 after Robinhood shared the news of the chainlink listing. At the time of publication, LINK had returned to $6.29, down 2.41% in the last 24 hours and 5.85% since the past week. Since its last set of listings in mid-April, Robinhood has only added LINK, Chainlink’s native asset. The LINK listing on Robinhood could provide the cryptocurrency a much-needed lift after it dropped by almost 40% from $9.49 to as low as $5.57 in the middle of June as a result of the general crypto market sell-off. According to recent data supplied, Chainlink now powers more unique decentralized oracle networks than ever before, with 1607 integrations. LINK wallet addresses continue to grow, at 675,288 presently, suggesting positive fundamentals.
Key Levels
Resistance Levels: $12.00, $9.65, $8.00
Support Levels: $6.21, $5.30, $4.00
LINK/USD Daily ChartLINK/USD remains below the daily moving average (MA 50), which is just a little above the market price; nonetheless, the pair might hold up near the descending MA 50. Technically, Chainlink is ready for consolidation and horizontal trading, but the relative strength index (RSI) might return to the oversold region. On the other hand, the MA 200 maintains its position in positive territory, indicating that buying power might return soon.
LINK revealed its limitations under the MA 50 low, below the $6.50 mark. After trading as low as $6.29 during the session, the market is yet to hold support at the horizontal line. If the price falls below the nearby support level of $6.50, further selling stops may be triggered, and selling may become more vigorous while the market is still consolidating.
LINK/USD 4-Hour ChartOn the 4-hour chart, technically speaking, it is reasonable to say that the market is in a range and out of bearish controls in the near term. If LINK continues to hold the support to halt the current declines, LINK/USD might continue its rebound. However, if the selling pressure continues, the market might hold at the horizontal support levels of $6.0 and $5.30.
The previous resistance level at $8.0 might be tested by the price of LINK. After today’s consolidation in the price of LINK, the RSI might decline to oversold levels, which could signal a loss in rebound strength. In addition, once the bears stop and confirm as a zone of concentration for buyers, we can observe price movement toward the north in the coming sessions.
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