The price of Chainlink had been in a period of consolidation over the past few sessions.However, the bulls were recently able to break above an important resistance level.Despite this recent bullish action, the daily chart showed a 6% depreciation and on the weekly chart, LINK had a 9% loss.The technical outlook looked bleak with fading demand and low accumulation.
Nevertheless, if LINK can remain above the $7 mark, another rebound may be possible.As Bitcoin displayed mild bullish sentiment after reclaiming the $28,000 mark, most altcoins exhibited similar behaviors.
If BTC retraces in the next trading sessions, LINK is expected to move closer to its immediate support level.Maintaining buying strength is crucial for the asset to stay above its local price floor.The market capitalization of LINK had fallen, indicating that sellers were more active.Chainlink Price Analysis: One-Day Chart At the time of writing, Chainlink was trading at $7.02, with its immediate resistance at $7.40.If the altcoin manages to surpass this resistance, it will encounter a tough price ceiling of $7.70, and reaching that level may revive the bulls.Conversely, failing to stay above the $7 mark will pull Chainlink down to $6.80.
If this happens, LINK may decline by up to 15%, nearing the $5.80 mark.The last session saw a decrease in the amount of LINK traded, and indicators suggested that buying strength was weakening.Technical Analysis Chainlink had experienced a sharp drop in buyers’ interest after encountering significant resistance at $7.70.
However, demand for the altcoin could partially return if it moves above the $7.00 price mark.
The Relative Strength Index was below the half-line, hovering around 40, indicating that sellers had taken control of the market.Additionally, LINK had fallen below the 20-Simple Moving Average line, signaling that sellers were driving the price momentum at press time.If demand picks up, LINK could rise above the 50-SMA line (yellow), providing some relief to the bulls.In line with the other technical indicators, LINK displayed sell signals, indicating a bearish turn in price.The Moving Average Convergence Divergence (MACD) demonstrates an asset’s price momentum and trend reversals as well.
The MACD formed red histograms below the half-line, signaling a sell signal for the asset.The Parabolic SAR reads the price direction and changes in the same.The indicator formed dotted lines above the price candlesticks, suggesting a downtrend in the price.
For LINK to maintain its price above the $7 mark, buying strength needs to resurface over the immediate trading sessions, and broader market strength has to remain consistent.Featured Image From UnSplash, Charts From TradingView.com Leave a Reply [Cancel reply](/chainlink/chainlink-pushes-above-7-will-the-short-term-recovery-hold/#respond) Leave a Reply Chainlink LINK is trading in the green today, up by over 4%, as the general market shakes off the bearish trend.It experienced a price drop from $8.8784 on April 18, 2023, to $7.7704 on April 19, and its trading volume is down by over 4% in the last 24 hours.Chainlink’s ecosystem rolled out new developmental trends and innovative partnerships.Its recent integration with the Celo ecosystem will create a framework for launching Chainlink oracles on Celo and the seamless creation of decentralized applications.The price pullback in April hinted at the possibility of a bear market.
However, the signs are positive today for LINK as its gains in the market.Crypto Market Rally Evident In LINK’s Price Action According to CoinMarketCap data, the global crypto market capitalization is up by $3.58% in 24 hours.Also, the total crypto market volume is $41.50 billion, a significant increase of 15.94.Bitcoin’s dominance has significantly increased in the past 24 hours.Notably, most altcoins correlate to Bitcoin’s price.
The general crypto market outlook improved as it shows signs of recovery today.However, the sustainability of the present positive trend largely depends on market forces and investor sentiments.LINK’s current price action indicates the possibility of a rally ahead.A closer look at its performance will provide vital answers.Chainlink Pivots At The 200-day SMA, Are We In A Bull Run? LINK is in an uptrend on the daily chart.It is building on its gains yesterday to halt the bearish trend.It bounced off the 200-day Simple Moving Average (SMA) yesterday to begin its recovery.
LINK is currently above its 50-day and 200-day SMA, with bullish sentiment in the short and long term.Its Relative Strength Index (RSI) is 48.32, in the neutral zone and moving upwards.It implies that the asset will likely experience further price increases if the bulls sustain the current rally.LINK’s Moving Average Convergence/Divergence (MACD) is still below its signal line and showing a negative value.The indicator reflects the bearish pressure on the asset in the past week.Related Reading: Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses? However, the histogram bars are faint, suggesting a possible trend reversal ahead.
Despite the current price increase, further confirmation is vital to determine if a bull run is underway.LINK found support at the $6.947 price level, with $5.9 and $6.75 being other critical support levels upholding its price.However, its nearest resistance level, $7.456, is vital to its trend direction.A break above this level will confirm that LINK has moved into an uptrend.Other key resistance levels are $7.735, $8.397, and $8.48.LINK will likely break the $7.456 resistance in the coming days if the bulls sustain their charge.Featured image from Pixabay and chart from Tradingview Eli Dambel Eli brings an eclectic point of view to market analysis.Currently, he writes about various asset classes, including Crypto and Stocks.
Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system.He also thinks Bitcoin will become universal currency in the near future.You can follow Eli on Twitter: @EliDambel – GMX took a step towards enhancing the user experience on its V2 amid a decrease in development activity.- Besides offering security, the integration would help create a fee structure on the derivatives exchange.
Decentralized margin trading platform GMX has secured the integration of Chainlink [LINK] low-latency oracles after its community approved the proposal.The integration, hailed as a positive development, for the project would help in support of swaps and liquidity on the GMX V2.Realistic of GMX’s market cap in LINK’s terms A look at the voting results showed that 96.28 of those involved in the process agreed to the project to confirm the motion.3.72% were not in support.According to the press release published by PR Newswire, the collaboration has the potential to improve the experience of GMX users in the DeFi economy.Of the discourse to supply safety Recently, Chainlink released the new low-latency oracles to address the pain of DeFi applications, including derivatives exchange by providing data security.
Following the disclosure, the Total Value Locked (TVL) continued its year-long increase.The TVL measures the health of a protocol, as well as investors’ interest in smart contracts applications listed under the project.At $665.46 million, the hike implied that user confidence in GMX was high.Hence, the basis for the growth.However, the GMX ecosystem state was not an all-around cheer.According to Santiment, the project’s development activity took a sharp dip on 24 April.
The development activity metric measures developers’ commitment to implementing upgrades within a project.So, the decline means GMX was lagging in terms of public GitHub repositories.Another metric in a similar state as the development activity was the active addresses.Extension is not adoption Active addresses show the number of unique deposits and addresses that have participated in transactions within a network.At the time of writing, the seven-day active addresses were 11,000.This suggested that the speculation around the token did not have investors rushing in their droves.
Is your portfolio green? Check the GMX Profit Calculator In addition, it remained uncertain how quickly the implications of the Chainlink integration will begin to reflect.But the GMX team confirmed that the partnership was for the long term.
GMX had gained the crypto community’s attention since it operated on the Arbitrum [ARB] network.However, besides Chainlink, it also expanded into Avalanche [AVAX].Reacting to the development, a core contributor of GMX mentioned the community was elated about the endorsement.Johann Eid, Chainlink Labs Vice President of integrations also commented, on the matter which could result in the establishment of a GMX V2 fee structure.Eid said, “With this collaboration, we mark a new milestone for the space and its race towards mass adoption.
The low-latency oracles will bring the industry one step closer to the performance level that currently exists outside of it” Litecoin rose marginally higher to start the week, despite cryptocurrency markets mostly trading lower on Monday.The global crypto market cap is down 0.15% at the time of writing, as volatility remains high.Chainlink also moved higher in today’s session.
Litecoin (LTC) Litecoin (LTC) bounced from a key point of support to start the week, as the token rallied, despite Monday’s crypto red wave.Following a low of $84.92 on Sunday, LTC/USD raced to an intraday peak of $88.89 earlier in today’s session.As a result of this move, litecoin moved further away from its price floor at $86.00, and is now trading at its highest point since last Friday.From the chart, it appears that the 14-day relative strength index (RSI) has now risen to a point of resistance at 45.00, leading to LTC giving up earlier gains.
At the time of writing, the index is tracking at 44.33, with litecoin trading at $88.11.Should price strength move beyond the 45.00 mark, there is a good chance that LTC will be back above $90.00.Chainlink (LINK) Chainlink (LINK) was also in the green in today’s session, and the token rose by as much as 2%.LINK/USD climbed to a peak of $7.25 to start the week, following a low of $6.92 on Sunday.
Today’s rebound sees LINK move away from the three-and-a-half-week low registered over the weekend.Looking at the chart, this coincides with the RSI bouncing from a floor of its own at the 44.00 mark.Currently price strength is tracking at 45.09, with a resistance point at 47.00 a potential target for bulls.Should it hit this mark, then it is likely that LINK will move above $7.30.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story What has been behind today’s bearish sentiment? Let us know your thoughts in the comments.Eliman Dambell Eliman was previously a director of a London-based brokerage, whilst also an online trading educator.
Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts chainlink3 hours ago The price of Chainlink had been in a period of consolidation over the past few sessions.
However, the bulls were…European Union4 hours ago EU banking regulator suggests the following to reduce risk in crypto sector The European Banking Authority Chair emphasized the diversification of stablecoin reserves for robust risk management.He also stated that while…altcoin5 hours ago Solana enters the AI space, but how has SOL reacted to the news The Solana Foundation announced a $1 million fund for AI and launched a ChatGPT plugin.
SOL’s development activity increased while…Allegations5 hours ago Seoul Prosecutors Believe Terra Co-Founder Do Kwon Still In Possession Of $100 Million Held In Swiss Bank Account In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong,…
Bitcoin6 hours ago Gemini’s Cameron Winklevoss accuses U.S.regulators of double standards Gemini’s Cameron Winklevoss has accused U.S.regulators of double standards in regard to their dealing with the crisis surrounding the…Franklin Templeton6 hours ago Franklin Templeton in a pioneering move uses Polygon to support its OnChain fund Franklin Templeton launched its OnChain U.S.Government Money Market Fund on the Polygon network.The integration with Polygon will allow…
crypto regulations7 hours ago Hong Kong regulator SFC to launch new crypto guidelines in May According to a Bloomberg report, the Hong Kong Securities Futures Commission (SFC) is scheduled to announce cryptocurrency exchange licensing guidelines…Bankruptcy7 hours ago FTX takes control of NFTs worth over $4M What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…Crypto news7 hours ago Coinbase Lawsuit Gains Momentum: Potential for Swift Progress Surpasses SEC v.Ripple Case The Coinbase lawsuit against the U.S.Securities and Exchange Commission (SEC) is predicted to progress more rapidly than the ongoing…Crime7 hours ago Redditors blast FT article on crypto criminality for one-sided view What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…
Bitcoin7 hours ago Bitcoin leveraged longs liquidated after brief mid-week recovery above $30,000 Bitcoin leverage traders felt the heat as unexpected crash triggers heavy liquidations.Bulls still in charge despite the liquidation shock….
https://news.btcminingvolt.io/bitcoin/cryptoslate-wmarket-update-market-volatility-swings-bitcoin-price-wildly-in-the-last-24-hours/ CryptoSlate wMarket Update: Market volatility swings Bitcoin price wildly in the last 24 hours CryptoSlate wMarket Update: Market volatility swings Bitcoin price wildly in the last 24 hours Oluwapelumi Adejumo · 2 hours ago…Bitcoin8 hours ago Why the Bitcoin miner capitulation was in 2022 What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…
Bitrue8 hours ago Bitrue says technical glitch impacted XRP orders on its system – causing mass liquidations What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…altcoin9 hours ago SushiSwap: This new tokenomics model to be introduced following $3M hack HD: SushiSwap [SUSHI] to promote Uniswap v3 adoption as part of its new tokenomics model SushiSwap [SUSHI] aims to introduce…News9 hours ago The Rise of XRP: A Closer Look at John Deaton’s Pro-XRP Stance John Deaton XRP, one of the top cryptocurrencies, has faced market instability and legal battles with the SEC.Despite this,…Crypto news9 hours ago US House Investigates Operation Choke Point 2.0 Over Fears of Crypto De-Banking crypto regulation In a major development, US regulators are under scrutiny for their potential actions to de-bank the cryptocurrency market….Assessing9 hours ago Assessing Bitcoins price action over the last 12 hours What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.
Learn more › Connect…Trending – Accusations1 week ago NBA Hall Of Famer Shaq Served In FTX Investor Suit – BTC1 week ago TBD And Yellow Card To Enable Fiat On And Off-Ramp Payments In 16 African Countries Via BTC – AI1 week ago Musk To Launch ‘Truthgpt,’ Says Microsoft-Backed Chatbot Is Trained To Lie – Analysis1 week ago Biggest Movers: LINK Jumps To 6-Month High, LTC Back Above $100 – annual percentage rate1 week ago Post-Shapella Hard Fork: Ethereum Deposits Exceed Withdrawals, Wait Time Climbs, ETH Transfer Fees Jump – 3nm1 week ago Chip Giant Intel Abandons Bitcoin ASIC Production – art market1 week ago Sotheby’s To Auction 3AC’s NFT Collection, Including Larva Labs’ Zombie Punk And Dmitri Cherniak’s ‘Golden Goose’ – Beijing1 week ago Hong Kong Judge Rules Crypto Assets As ‘Property,’ Following Similar Rulings Worldwide []https://news.btcminingvolt.io/uncategorized/nba-hall-of-famer-shaq-served-in-ftx-investor-suit/ []https://news.btcminingvolt.io/uncategorized/tbd-and-yellow-card-to-enable-fiat-on-and-off-ramp-payments-in-16-african-countries-via-btc/ []https://news.btcminingvolt.io/uncategorized/musk-to-launch-truthgpt-says-microsoft-backed-chatbot-is-trained-to-lie/ []https://news.btcminingvolt.io/uncategorized/biggest-movers-link-jumps-to-6-month-high-ltc-back-above-100/ []https://news.btcminingvolt.io/uncategorized/post-shapella-hard-fork-ethereum-deposits-exceed-withdrawals-wait-time-climbs-eth-transfer-fees-jump/ []https://news.btcminingvolt.io/uncategorized/chip-giant-intel-abandons-bitcoin-asic-production/ []https://news.btcminingvolt.io/uncategorized/sothebys-to-auction-3acs-nft-collection-including-larva-labs-zombie-punk-and-dmitri-cherniaks-golden-goose/ []https://news.btcminingvolt.io/uncategorized/hong-kong-judge-rules-crypto-assets-as-property-following-similar-rulings-worldwide/.
