Chainlink Prices are Fragile, LINK/USD Bulls Defiant, Targets $40
There is no sound of Chainlink clinks.
If anything, bears are on the prowl. The crypto scene, after June 10’s New York session, is nothing but harsh.
Still, amid this leveling, the role of oracles can’t be watered down. Chainlink glues DeFi, permanently revolutionizing smart contracting.
For this, more traders expect LINK to recover steadily and have a fixture in the top-10 in upcoming sessions.
After all, Chainlink’s fundamentals are unparalleled.
The blockchain-agnostic project has over 300 unique partners, is the backbone of Ethereum’s growing DeFi ecosystem, and continues to innovate, adding value to their investors and distributed web of data validators.
Chainlink Market Performance
At press time, LINK tokens, unfortunately, haven’t been spared from the whims of sellers.
The token is deep in red, sinking seven percent on the last day and 28 percent week-to-date versus the greenback.
Losses are also across the board.
LINK trails Bitcoin and ETH in the same period as participation mirrors the price freeze.
On the last day, LINK trading volumes fell 16 percent to $885 million.
Nonetheless, this didn’t dent LINK’s valuation.
Chainlink, despite headwinds, is the second most valuable project after Uniswap.
Unless otherwise there are external, unexpected forces that significantly chop LINK’s price, the token will remain as the second most valuable DeFi token.
Considering LINK’s liquidity, first-mover advantage, and indispensable role in DeFi—and smart contracting, supporters are bullish—despite losses in the last three weeks.
$15 is a Key Support Level if LINK Prices are Blast towards $40
One trader, Altsignals, is optimistic on Trading View, expecting LINK bulls to weather the storm. The trader identifies $15 as an important support line that, if broken, could spell doom for traders.
Chances of LINK crashing, especially if $15 doesn’t hold, would be elevated.
Notably, LINK/USDT didn’t break above the primary resistance—previous support—trend line as visible in the 12 HR chart.
In all, LINK is trading within a bear breakout pattern, below the multi-week support trend line.
The retest of last week didn’t build sufficient momentum for a push and reversal of mid-May 2021 losses, cementing sellers’ position.
On the other hand, P_S_trade expects LINK to blast past resistances and rally to $40.
At present, the trader notes that the token remains in consolidation.
Interestingly, sellers aren’t following through in their effort to counter determined bulls, as the trading volumes chart in the daily chart shows.
Therefore, that LINK/USDT prices found support at the $20 to $22 zone makes the current pattern bullish, increasing the odds of a break higher.
He projects the next wave of higher highs to lift LINK prices towards a global target of $40 in a buy trend continuation pattern.
LINK/USDT Bullish above $35
Leaning on caution—especially for risk-averse traders, one trader in Twitter thinks a clear buy signal will only print once LINK prices close above $35.
$LINK needs a strong close above $35 to continue upward trend.
It's making higher lows on daily time frame which is always a good sign. Wait for the confirmation before taking any entries now. #WazirXWarriors #Crypto #LINKUSDT pic.twitter.com/hWojM9lVxa
— BrushUp Crypto (@Brushupcrypto) June 5, 2021
Already, in the daily chart, there are series of lower lows with decreasing trading volumes—which is overly negative for confident bulls.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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