Chainlink Price Loses Momentum; Trades Close to Immediate Support

Chainlink traded amongst the market’s top lucrative cryptos after having traded sideways for the past three years. It had hit an All-Time High just in the previous quarter when Bitcoin price boomed sideways for the first time in the ongoing year. However, Chainlink came into the limelight after it marked many integrations and collaborations in the ongoing year and the most remarkable update being Chainlink Price Feed.

As per the latest Chainlink news update, the most recent one to leverage this Price Feed of Chainlink is Prosper, a decentralized prediction market protocol using the feed on Binance Smart Chain mainnet to settle BNB prediction. Chainlink’s price feed ensures a fair market outcome that eliminates the risk of manipulations and downtime.

Chainlink Price Loses Momentum; Trades Close to Immediate Support

With this, it was just yesterday when Tax Heaven integrated many Chainlink Price Feeds on Ethereum and Binance Smart Chain mainnet. Here, the given contract lending platform has used this Chainlink oracle to ensure a fair market dividend on the investors’ deposited collateral.

However, not just these peer platforms, Chainlink oracle is used by one of the top 10 DeFi platforms as well, viz., Polkadot. Polkadot, one of the latest cryptos of the global crypto market, moves towards evolving its ecosystem, announcing its new DeFi partnership and a new validator support program.

It was earlier this year when Chainlink price strengthened because of its growing platform; however, the current price movement of LINK/USD is dissatisfied with the fact that the altcoin market draws a losing streak over the past ten days now. In this regard, the price trend is already breaching the lower band due to no momentum in the altcoin market.

Chainlink News
LINK/USD Chart By TradingView

Chainlink Price Analysis

Chainlink’s YTD chart draws a clear rejection after an uptrend starting from the previous quarter until the recent downward correction. With the recent strengthening in the market, the LINK coin managed to rise as high as $14.9, but with a stringent resistance at $15, it nosedived.

Chainlink News Price

The falling wedge is evident on the hourly chart of LINK against the US Dollar, and in this respect, it lost steady support from 50-day MA on the daily chart after having slid below $12, wherein the Chainlink price currently trades at $11.8. However, the coin is retaining support from 200-day daily MA at $10, which is the immediate support area as well.

The MACD chart and the RSI confirm the bearish reflection on the daily chart after a clear downtrend and a falling wedge right from the beginning of the ongoing month. According to the recent correction and LINK Price Forecast, the coin might test its major support around $10.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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