The cryptocurrency market is mostly painted red after BTC plunged to lows of around $30k. Chainlink, alongside major Altcoins, is leading the steep Altcoin correction. Chainlink topped at $18.50 on January 10th and started the downside correction to reach intraday lows of $12.50 on December 11th. Declines on LINK/USD pauses beneath $13 after a massive dive from an opening price of $16.21. At the time of writing, LINK retreated to $13.58, having lost 19.40% daily. Despite the declines, Chainlink is up marginally by 0.85% weekly. The LINK market cap presently stands at $5.51 billion, based on a 390 million circulating token supply, with $3.21 billion in trade volume over the past 24 hours. Warp Finance integrates Chainlink Oracles to serve as protection against similar exploits. Warp Finance, a DeFi lending protocol that suffered an $8 million flash loan exploit shortly after release is now preparing for a relaunch that will include integration with Oracles by Chainlink.
*Chainlink topped at $18.50 on January 10th and started the downside correction
*At the time of writing, LINK retreated to $13.58, having lost 19.40% daily
*Warp Finance integrates Chainlink Oracles to serve as protection against similar exploits
Key levels
Resistance Levels: $18.00, $16.00, $15.00
Support Levels: $11.00, $10.00, $9.20
LINK/USD Daily ChartLINK/USD opened the week’s trading in substantial losses. Chainlink (LINK) turned down from the $18.50 resistance on Jan. 10, and that attracted further selling by short-term traders who dragged the price down to lows of $12.50 today. The bulls however rose to defend the $13.50 support located around the MA 50 close as seen in a slight rebound.
On the upside, If the bulls can propel the price beyond $15 and past the resistance at $18.50, the LINK/USD pair could rally to $20. Once these hurdles are crossed, LINK could extend its upside gains beyond $25. However, if the price turns down from its current level once again, then the pair may consolidate at the $13 support for a few days. A sustained break below the MA 50 and 200 at $13.24 and $11.41 will signal that the bears are back in the game.
LINK/USD 4-Hour ChartAs observed on the 4-hour chart, LINK/USD lost the MA 50 at $15.15, while depending on MA 200 at $13.00 to hold. Trading past the $13 support remains the bulls’ short-term priority. This will allow them to shift the focus back to the $14 mark and $15.23 around 4 hour MA 50 respectively.
On the other hand, the bearish scenario appears to have been reinforced by the RSI nearing the oversold territory. A further breakdown from current levels may bring the $11.00 and $10.00 support levels into the picture. The LINK/USD pair is only bullish while trading above the $13 mark, key resistance is found at the $15 and the $16 levels.
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