Chainlink, one of the lucrative projects amongst the top 10 coins of the global crypto market, is seen pulling back just like any other altcoin of the market, including the largest cryptocurrency by market capitalization—Bitcoin. The entire crypto market is seen losing the winning streak, including the top 10 except Tether—the global crypto market’s stable coin.
Chainlink trading right after Bitcoin Cash on the 6th position is seen shedding its two-day gains as the price experiences a steep dip at $11.2. Alongside, the Chainlink platform gained all the limelight in the past quarter when it hit an all-time high, a Dollar below $20, around $19.85.
Over the past three years, Chainlink traded like completely void crypto, unable to draw user’s attention until the current year’s collaborations and integrations could manage to lure investors and networkers for one of the most lucrative cryptos and platforms now.
Chainlink’s Price Feed a Noteworthy Transition
Alongside, one of the most noteworthy transitions of the platform that is hired by many other networks is Chainlink’s Price Feeds. Many different platforms leverage the price feed facility from Chainlink at three aggregation levels, i.e., the data provider level, node operator level, and the network level.
#Chainlink Price Feeds provide full market coverage because there are three levels of aggregation
At the data provider level: aggregating from all exchanges
At the node operator level: aggregating from multiple data providers
At the network level: aggregating from multiple nodes pic.twitter.com/4s3zWlPUfC
— ChainLinkGod.eth (@ChainLinkGod) November 27, 2020
This smart contract platform is worth the hype its native coin LINK attracted in the 3rd quarter when it spurred as high as $19.85, while currently trading at $12.77.
Chainlink Price Analysis
Today, at the press time, Chainlink price was spotted below $15 at $12.7 after drawing a notable uptrend but failed to keep up due to loss of momentum and a steep correction in the past two days to test lows at $11.2. LINK/USD when declined below $12, tested 50-day daily support, and declined even below; however, the coin regained the lost support at $12.09, as it spiked above $12.5 at the time of writing.
With the current strengthening in price, Chainlink reclaimed both the MAs’ support on the daily chart. Alongside, it was two days back when the bearish candlewick almost breached the lower 20-day Bollinger Band on the daily chart with a steep correction after a gaining spree.
However, the recent bullish candlewick formed led to regaining the lost traction but is continuing to draw a bearish crossover as the signal line crosses above the MACD line. The RSI is seen plummeting from the overbought region after the LINK price decline on the daily chart, lies at 48.02. Due to recent steep fall and LINK Price Forecast, the coin might continue to trade lower to breach $11 price mark.