Chainlink (LINK) Stays Strong Amidst Market Uncertainty

News BTC

Chainlink (LINK), the leading oracle network, normally performs on the day following the market downturn. LINK has experienced a 1.58% increase in the last 24 hours, trading at $6.22.  Overall, LINK has recorded over 12% loss in the weekly chart. The token had surged higher in the day, reaching a local high of $6.38 before retracting. 

The value of Chainlink (LINK) rose earlier today as the market reacted favorably to a combination of events. Brainard’s doveish statements on Monday, a dropping dollar, Zelensky’s peace negotiations commencing, and Biden-Xi meeting not escalating tensions. Choose whichever explanation or combination of reasons you choose for the abrupt risk-on shift in markets. Either way, it’s excellent news for LINK price action.

How To Get Free Crypto  

Chainlink Offers Its Proof-of-Reserve Product As FTX Crash Rocks The Crypto Market

Chainlink Labs’ proof-of-reserve product was offered on Nov. 10 to help solve future trust problems in the crypto exchange market. Chainlink Labs posed the question in a series of tweets: “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” In response, it offered its proof-of-reserve (PoR) solution. Chainlink stated it could validate centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and more.

Win an all-expenses-paid VIP trip to the FIFA World Cup and $30,000 in exclusive prizes with Punt Casino – the Road to Qatar awaits!
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Recently, the crypto market has been in freefall due to a liquidity problem at the second-largest crypto exchange, FTX. In response to these persistent challenges, the crypto community has been discussing solutions. One possibility is for users to need Proof-of-Reserve from every exchange they use.

Using a proof of reserve, customers may conduct an instantaneous audit of cryptocurrency exchanges’ reserves. Several exchanges have begun to adopt proof of reserve, and Binance CEO Changpeng Zhao has suggested that all exchanges should implement it soon. However, several marketplaces have claimed that developing a proof-of-reserves system will take weeks, if not longer. Chainlink Labs rebutted by saying their offering is an “out-of-the-box” answer that exchanges can start using right now.

Chainlink’s price is currently trading at $6.32. | Source: LINKUSD price chart from TradingView.com

What The Charts Say About Chainlink

Since May, LINK has fluctuated in price between $9.45 and $5.62 (yellow), with a mid-price of $7.54. The range’s midpoint has provided strong support and resistance within this time. Bearish momentum was indicated by a Relative Strength Index (RSI) reading below 50 and a Chaikin Money Flow (CMF) reading below -0.05. Both indicators point to considerable outflows of money from the market.

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Related Reading: KuCoin Token (KCS) Loses 12% Amidst Top Coins Bleeding

The fall of LINK from $9 to a swing low of $5.7 in November also severely impacted OBV. Yet, the OBV has shown a trend of higher lows since July. This was evidence that some LINK tokens had been accumulated over time.

The $6.3 support level has held firm over the previous six months. In recent months, the $6.3 and $5.9 price points were clearly visible as support levels in the lower time frames. Chainlink has yet to drop below the range of lows despite the severe market volatility of the previous week. As of writing, Chainlink still trades at the $6.3 level, a 1.36% decrease intraday.

Featured image from Pixabay and chart from TradingView.com

Go to Source
Author: Alyz


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.