As the overall market rebounds from the negative effects of the East Asian crisis, altcoins are staging a comeback. One such coin experiencing a resurgence is Chainlink (LINK). Its price movement indicates the possibility of a significant upward trend, signaling the start of a potential bullish run following another bounce back.
For the third time, the $13 support level is proving crucial for Chainlink’s potential bullish turnaround, acting as a safety net. This hints at a stronger rebound in the making. Can this turnaround push Chainlink’s price beyond $20?
LINK Price Analysis: Struggles and Recovery
The LINK price movement appears to be caught in a sideways trend on the daily chart, facing challenges to maintain bullish momentum. Repeatedly testing the crucial support level at $13, the chart hints at a potential bearish signal with the looming threat of a death cross, as indicated by the downward trend of the 50-day Exponential Moving Average (EMA).

Despite a significant 40% dip to the $13 level, breaking below the 200-day EMA, Chainlink finds renewed bullish momentum, leading to an 18% surge over the past five days.
The recovery rally showcases a V-shaped reversal pattern, reclaiming the psychological milestone of $15. Currently, LINK is trading at $15.475, marking a 2.49% intraday increase and suggesting a resurgence in bullish sentiment.
Technical Indicators
EMA: Both the 200-day and 50-day EMAs suggest a potential death cross, signaling bearish sentiment. However, if the recovery rally manages to push the price above the 50-day EMA, it could mitigate this risk and potentially reignite the uptrend.
Chainlink Price Forecast: Buying Opportunity Amid Recovery
As the market stages a recovery, the LINK price surge presents an enticing opportunity to capitalize on the dip. Should the current positive momentum persist, Chainlink could potentially surpass the $20 threshold. Moreover, with optimism in the air, there’s a possibility for the uptrend to extend its reach towards the $30 mark.
However, it’s essential to consider the flip side of the coin. A reversal in momentum around the $16 level could trigger a downturn, potentially leading to a retracement back to $13. A more significant dip below the $13 support level could spell trouble for Chainlink, signaling a potential 30% decline to $8.50.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#Chainlink #LINK

Zeta Markets has incorporated Chainlink Price Feeds on the Solana mainnet. The following Chainlink Price Feeds will be utilized during the initial phase of the integration: BTC/USD, ETH/USD, and SOL/USD. Zeta is able to enhance the functionality of its trading exchange and make it more resistant to disruptions by utilizing Chainlink’s price feeds, which are dependable, high-speed, and decentralized.

The addition of Chainlink as a reliable oracle provider will assist in ensuring that perpetuals and other types of contracts on Zeta are settled with an even higher degree of precision and dependability. Oracles built on blockchain technology are at the core of a number of different decentralized finance protocols. They make secure and trustworthy financial data available to applications like Zeta so that it may be utilized on-chain to facilitate the development of novel and open financial solutions.

Enhancing the Resilience and Security of the Zeta Platform

Chainlink is the industry-standard Web3 services platform, and it has enabled transaction volumes totaling trillions of dollars across a variety of important industries, including finance, insurance, gaming, non-fungible tokens, and others. Chainlink Price Feeds are an indispensable part of the trading infrastructure that must exist on Solana in order for DeFi to flourish here.

Solana is one of the most performant chains for institutional finance thanks to its combination of institutional-grade oracles, high-throughput base layer, and broad validator set. Chainlink has, fortunately, demonstrated that it can handle unforeseen circumstances. This is absolutely necessary for systems that deal with trade execution and risk management, in particular those that provide the additional guarantees that Web3 does.

Tristan Frizza, Founder of Zeta Markets, said: “We’re excited to integrate Chainlink Price Feeds on Solana to help increase the resiliency and security of our protocol. We take platform security very seriously, so it’s critical to us that we leverage Chainlink’s industry-leading oracle solution to help ensure our protocol is as robust as possible to adverse market events.”

Chainlink is the leading decentralized oracle network that allows Web3 developers to create feature-rich Web3 applications. This is offered along with streamlined access to real-world data and off-chain data processing across any blockchain in the world. Chainlink also provides global enterprises and projects with a widespread gateway to all blockchain networks.

A Decentralized and Capital-Efficient Exchange

Zeta Markets is an under-collateralized derivatives trading platform that features a completely on-chain risk engine as well as a Central Limit Order Book (CLOB). Solana is the only mature ecosystem that has the engineering freedom necessary to host such an application without sacrificing the decentralized nature of the network. Within Web3, Zeta serves as the universal access layer for all derivatives.

It has set itself the goal of being the industry leader in on-chain product distribution in the sector. The primary product that Zeta has to offer is a decentralized and capital-efficient exchange that provides dated futures, perpetual contracts, and European cash-settled options. It is the most configurable full-stack decentralized exchange in the world because the entire software, including its risk engine and order book, has been built on Solana.

Since January 2022, the Zeta DEX has been operational on Solana. It was initially funded by a group of investors that included Jump Crypto, Amber, Wintermute, Pattern Research, and Electric Capital. These investors are among the most seasoned professionals in the cryptocurrency trading and DeFi industries.

#LINK is currently in an uptrend phase, even during the consolidation period of the daily time frame chart. This means that the LINK cryptocurrency has been consolidating within a horizontal price range over the daily time frame chart.

Chainlink's LINK price is exhibiting encouraging indications above the $7.00 mark. If it manages to surpass the resistance levels of $7.65 and $7.80, the price may escalate further.

Following a bearish response, the LINK price discovered support in the vicinity of the $6.75 area against the US Dollar. A new low was established at approximately $6.741, and the price initiated a fresh surge, akin to that of bitcoin and ethereum.

The LINK/USD pair has made a significant breakthrough, surpassing both the $6.95 and $7.00 resistance levels. Additionally, a major bearish trend line with resistance near $7.00 was broken on the 4-hour chart. This impressive feat was achieved as the pair climbed above the 50% Fib retracement level of the downward move from the $7.66 swing high to $6.74 low.

The #Chainlink price has surged above the $7.10 level and the 100-hour simple moving average, indicating a bullish trend. Additionally, it is displaying promising signs above the 76.4% Fibonacci retracement level of the previous downward move from the $7.66 swing high to the $6.74 low. 

LINK is currently encountering resistance in the vicinity of $7.55. The initial significant obstacle is located around the $7.80 mark. If this level is surpassed, it could potentially initiate a new surge towards the $8.00 and $8.20 thresholds. The subsequent major hurdle is situated at the $8.50 level, which, if surpassed, could result in a revisit to $10.00.

If the price of Chainlink fails to surpass the resistance level of $7.70, there is a possibility of a downside correction. The initial support on the downside is approximately at the $7.20 level, followed by a significant support level at $7.00. If the price falls below this level, it may test the $6.75 support level. Further losses could lead to a decline towards the $6.50 level in the near future.

KEY LEVELS :

RESISTANCE LEVEL : $7.70-$8.00

SUPPORT LEVEL : $7.10-$6.70

Chainlink has had a 10% drop in the last week. After a thorough examination of historical on-chain data, it was shown that LINK price changes are tightly linked to development activities. With the recent surge in DeFi, there is a possibility of a price rebound for LINK in the upcoming weeks. We would love to hear your thoughts on this matter, so please feel free to share your views in the comment section below.

Disclaimer: #crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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