Chainlink (LINK) is higher by 11.56% at $8.66, per CoinMarketCap data. Chainlink has released its staking roadmap, announcing that v0.1 will target a base level of annualized staking rewards of up to 5%. Staking is, however, planned for the second half of 2022. The pool will start with an aggregate size of 25 million LINK tokens, with the planned goal of scaling to a pool size of 75 million LINK tokens in the months after launch. Chainlink states that the introduction of staking is a pivotal moment that marks the evolution of Chainlink Economics 2.0—a new era in Chainlink’s long-term security and network economics. Aside from this, Chainlink’s accumulating whales are capitalizing, according to Santiment. After dumping began on March 30, whales began accumulating again after prices dropped in early May. These large holders now hold more than 25% of the supply for the first time since November.
Key Levels
Resistance Levels: $17.00, $14.00, $9.00
Support Levels: $6.50, $5.30, $4.00
LINK/USD Daily ChartThe bull’s commitment is being put to the test on the LINK/USD pair. The pair registered new buyers near the $6.50 lows in the prior week, leading the pair on days of a bullish run. The favorable movement in overall crypto market sentiment appears to be causing the pair to strengthen, allowing the pair’s momentum to increase. Technically, the pair has recovered from its May low of $5.30 to the level of $8.98 in June.
The recent rebound created the basis for an upside continuation chart pattern, given the previous strong drop from the $28.71 levels, or the 2022 high. On the other hand, strength below staying below the daily moving average (MA 50) swing lows, around the $9.30 zone, might confirm a return of the retracement scenario and bring the pair back to the $5.30 May lows. Meanwhile, any follow-through in the foreseeable future seems unlikely.
LINK/USD 4-Hour ChartOn the 4-hour time frame, the LINK/USD trend is consolidating, and the intraday bias has turned bullish. With an anticipated breach of the near-term horizontal barrier of $9.0 above the moving averages (MA 50 and MA 200), the rebound from the $5.30 level could continue. However, as long as the $9.0 horizontal barrier holds, the trend might return lower.
A break to the upside of the minor resistance level of $9.0 could shift the bias to the upside, allowing for a move towards the $13.48 level. The break could signal the start of a larger rise from the current level of $8.98. Meanwhile, a definite violation of the $6.50 zones could trigger a more significant plunge.
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