Highlights
  • Chainlink (LINK) is consolidating under a new record high of $42.96 
  • Chainlink is launching more tamper-proof decentralized oracle networks

Chainlink (LINK) is consolidating under a new record high of $42.96 on Thursday, after a strong advance in the past two days. LINK has recouped losses from previous choppy sessions as investors saw the dip as an opportunity. Recent mild correction and short-lived probe below $40 immediate support on Apr. 15 suggest that bulls remain firmly in play for another attack at the psychological $43 barrier. While market sentiment remains positive, an overbought RSI could prompt a pullback driven by profit takings.

Chainlink is a decentralized oracle platform that strives to connect smart contracts with real-world data. Chainlink has a current market cap of $17.16 billion, with $3.71 billion in trade volume over the past 24 hours. On an intraday basis, LINK tested record highs of $42.96 before paring slight intraday gains. As of press time, LINK was trading at $41.36, up 14.50% in the last 24 hours and 27.19% weekly.

The decentralized finance (DeFi) sector sees an upturn as traders make their way back into DeFi as the NFTs (Non-Fungible Tokens) mania cools down. To meet DeFi’s growing demand for hyper-reliable price reference data, Chainlink is launching more tamper-proof decentralized oracle networks. While stating that the OCR-enabled 1INCH/ETH Chainlink Price Feed has been integrated for 1inchNetwork’s native token, already supported by CreamdotFinance.

LINK price daily chart: Bullish

LINK/USD is stabilizing around the record high of $42.96, pausing the strong upside tendency. Daily techs are overbought and suggest that LINK bulls may stay on hold in coming sessions with dips expected to provide better buying opportunities. The RSI has flattened at overbought levels slightly above 70 indicating that the market could weaken a little bit in the short term. Today’s price action is posting an intraday Doji candlestick, suggesting indecision.

chainlink
LINK/USD daily chart. Source: TradingView

If the uncertainty resolves to the downside, immediate support could be found at the day’s low at $ 39.64. Ahead of the MA 50 support at $29.23, support lies at $35.87 and $30.23. Then a leg below the MA 50, LINK price could meet support at the $21 and $17, which overlaps the MA 200.

However, if LINK manages to pick up speed again and jump above the all-time high of $42.96, a bullish breakout above this level could extend the rally to uncharted waters. The next level could come from the immediate psychological number of $43 and $45.

  • Supply Levels: $50, $45, $43
  • Demand Levels: $35, $33, $30

Overall, the MA 50 and $23.75 provide solid supports which should ideally contain and keep bulls intact. Only a firm break here would sideline bulls for a deeper correction.

Do check out our all market analysis and price predictions – here.

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Staff reporter brings the latest financial technology, cybersecurity news and tech updates.

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