Chainlink, the 24th most valuable crypto asset, has a market cap of $ 3.3 million at the time this article was written. It is well-known for its ability to enhance smart contract capabilities through high levels security and reliability. This includes enabling access real-world data and offchain computation. It is well-known for having one of the most flexible and secure infrastructures in the crypto blockchain ecosystem.
Link traded at $7.25 as of the writing date.
Chart by Chainlink (LINK).
After taking several supports at $5.5, LINK showed good recovery and soared by almost 72.7% to $9.5 The bulls failed to sustain their gains after this move and failed to break the $9.5 resistance (Horizontal Trendline and High of 9th JUNE). After forming a pattern of ‘Lower Bottom Lower Top,’ the asset experienced a sharp correction that dropped to $6.6. Link has formed a ‘Long Doji,’ which signals the start of a consolidation phase where price action could soon break out and form a new trend. The immediate resistance is at $7.75 (20-day moving average), while $6.5 and $5.5 will provide strong support. A breakout above $9.5 will lead to a rally that can reach $12.
Support 2Support 1AssetResistance1Resistance 25.56.5LINK7.759.5
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