On Tuesday, sellers’ influence continues to dominate the crypto market. BTC has formed resistance at $50k while the majority of Altcoins sustain their recovery bid. Decentralized oracle token, Chainlink (LINK) rose to yearly highs of $36.92 on Feb. 20. This rise in Chainlink price coincided with a general market correction. Chainlink consequently fell to bearish pressure, declining to lows of $21 on Feb. 23. Chainlink kickstarted a recovery but the bulls could not sustain the further move, thereafter entering consolidation. On March 2, LINK/USD price upticks to $30.50 high as the bulls built upon the prior day’s positive price action. Chainlink has gained 5.37% in the last 24 hours and 17.30% on a 7-day basis to trade presently at $28.32. Ranking 9th largest, LINK market valuation stands at $11.52 billion with $2.68 billion in trade volume over the past 24 hours. Effective from March 2, Crypto lender BlockFi will support Chainlink deposits on its platform. Chainlink deposits will earn 5.5% APY with interest paid in LINK tokens. Chainlink recently announced a major upgrade for its oracle network, dubbed Off-Chain Reporting or OCR to reduce gas costs tenfold.
*Chainlink fell to bearish pressure, declining to lows of $21 on Feb .23
*Chainlink has gained 5.37% in the last 24 hours and 17.30% on a 7-day basis to trade presently at $28.32
*Chainlink deposits will earn 5.5% APY with interest paid in LINK tokens
Key levels
Resistance Levels: $33.00, $30.00, $28.64
Support Levels: $25.25, $23.00, $21.12
LINK/USD Daily ChartAfter extensive declines, Chainlink (LINK) kickstarted a relief rally from the Feb .28 low of $22.89. The bullish momentum picked up and the buyers were able to push the price to $30.50 on Mar. 2. A sustained break past $30.50 could cause the LINK/USD pair to rise $34 and then to the all-time high at $36.92.
Although rising moving averages are a bullish sign, the RSI slightly above midline suggests an advantage to neither bulls nor bears. Contrarily, if the price turns down from current levels, short-term sellers will try to sink and sustain the LINK price below the MA 50 at $25.57. In this case, a plunge to $22.89 and then $21 may be quite likely.
LINK/USD 4-Hour ChartAs seen on the 4-hour chart, the bears defended the resistance at $30.50 before the bulls stepped in. The bulls are currently attempting to build upon the recovery and sustain the price above the MA 200 at $27.67. In the larger context, a sustained break above $30.50 holds the key to a bigger rally with targets of $37 and $40.
Alternatively, If the price turns down from current levels and LINK loses the MA 200 support, the bears will try to sink the price below the MA 50 at $26.67. If they succeed, the LINK/USD pair may drop to $23. A break below this support could start a sharper decline to $21. The LINK/USD pair is only bullish while trading above the MA 50, key resistance is found at the $30.50 and the $35 levels.
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