LINK Price Analysis: Shoots Higher As Market Recovers, CurioInvest Integrates Chainlink for Collectible Car-Backed NFTs

• Chainlink (LINK) declined to lows of $15 on May 23 before starting a recovery
• At the time of writing, LINK was exchanging hands at $29.64, up 27.77% in the last 24 hours
• Chainlink oracles will provide reliable benchmark prices on the collectible cars backing CTns

The cryptocurrency market is fast recovering following last week’s massive declines. The majority of Altcoins are presently trading in green and Chainlink is no exception. During the market correction, Chainlink (LINK) declined to lows of $15 on May 23 before starting a recovery. At the time of writing, LINK was exchanging hands at $29.64, up 27.77% in the last 24 hours. Ranking 14th largest, LINK market valuation stands at $13.50 billion with $2.88 billion in trade volume over the past 24 hours. Curioinvest, a platform that focuses primarily on the tokenization of collectible and rare exclusive cars with investment interest has integrated Chainlink to power its luxury car-backed NFTs (CTns) & NFT-backed Stablecoin (CSC). In this integration, Chainlink oracles will provide reliable benchmark prices on the collectible cars backing CTns (ERC-20 Security tokens that represent rare vehicles in the real world), which can be used as collateral to obtain stable loans.

Key levels
Resistance Levels: $45.00, $40.00, $35.09
Support Levels: $27.50, $23.75, $21.00

LINK/USD Daily Chart: Ranging

LINK/USD Daily Chart

LINK/USD declined steadily to lows of $15 after reaching all-time highs of $52.99 on May 10. As of when writing, LINK was posting a rally to intraday highs of $33.09 following the rebound off the $15 support level. LINK is in progress to record the third consecutive green day since May 23. If the LINK price jumps above the $33.09 high, there is scope to test the $33.18 barrier confirmed on May 20.

Beyond this, the MA 50 ($37.56) remains a key hurdle to lift. Rising above it could see price re-testing the $44.75 barrier ahead of the $48 and $50 levels. A further upside breakout will potentially push LINK’s price towards the $52.99 all-time highs once again. Conversely, a dip back below the MA 200 ($25.17) may see to the retest of support at $19.73 ahead of the $15 level.

LINK/USD 4-Hour Chart: Ranging

LINK/USD 4-Hour Chart

On the 4-hour chart, LINK/USD is now trading above the MA 50 ($28.02) following the upward climb that started after the rebound on May 23. Short-term indicators are pointing to a pick up in bullish momentum, the RSI indicator now holds in the positive territory above 60 after bouncing off the oversold zone. If traders boost LINK price further up, they could drive it until the MA 200 at $38.29 ahead of the $44.75 and $47.93 barriers.

Further up, the bulls may have to contend with the $50 psychological level ahead of the $52.99 all-time high. On the downside, support is envisaged at the MA 50 at $28.02. A break below here could see the sellers gain traction towards the $21 support. A break below this level would shift the outlook to bearish as it could take the LINK/USD pair once again towards the $15 support barrier.

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