- Summary:
- Chainlink (LINKUSDT) is struggling to generate demand for its token above the $26 mark, as a new round of selling his the cryptocurrency markets.
A new round of selling hit the crypto markets this Tuesday, and Chainlink’s pairing with Tether was not an exception. The LINKUSDT pair suffered a 6.29% drop but is off session lows as many of the top cryptos found it hard to break above key resistance levels.
FUD has dominated market proceedings in the last three days, with Sunday’s selloff only briefly countered by a half-hearted recovery on Monday.
Chainlink continues to forge ahead with new partnerships. A decentralized predictions market has launched a new platform that is targeted at the sports betting market. Augur is planning to integrate Chainlink’s oracle networks to maintain data integrity on the new platform known as Augur Turbo.
However, it would take some institutional injection into the market for such news to produce the anticipated price response.
Technical Levels to Watch
After yesterday’s recovery move met resistance at 26.273, price activity for Tuesday showed a rejection at the same opposition point, with a pullback move which targets the 21/22 May lows at 22.472. If this support gives way, 20.12 could be the next in line for bears. 17.50 (22 January low) and 16.476 are the additional targets to the south.
On the other hand, bulls would be looking for a support bounce that breaks 26.273 for the price to aim for the 27.50 resistance, which is Tuesday’s intraday high and also the lows of 10/22 February. A move towards 30.00 (17 February and 25 April low) and 31.740 is only possible if the advance from 26.273 continues.
Chainlink; Daily Chart
