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Chainlink – DeFi Token with more than $1 Billion Market Cap

Highlights

    Chainlink dips more than 25 percent in the last week, the price touched below $10 mark

    The dominance also reduced which has bought the digital asset at the 8th rank.

The current month that initiated with a storm, laid a bloodbath in the crypto and DeFi space with most of the digital assets dipped drastically. Chainlink that entered the Top 5 earlier, currently slipped to 8th position. Moreover, it could soon find an exit from the top 10 cryptocurrency rankings too.

chainlink trading

LINK had hit its ATh of $19.23 in the mid of August 2020 but later slipped nearly 47 percent in till now. Currently it is priced at $8.16 at the press time with a loss of 7.9 percent which is considered as a pretty large one. 

LINK finds Support near $8 

Chainlink which has lost its dominace in the DeFi space by 5 percent, now has found its support levels at $8, failing which it needs to stay at the $7 support levels.

Else more bad days may be expected for the DeFi token. However, the resistance levels are above $10 which needs to be obtained for a strong bounce back.

Amidst the continued FUD been circulated by Zesus Capital as before, Link is expected to rebound very soon. Despite the bearish sentiments of the crypto market,some of the crypto analysts also foresee a bounce with the LINK price.

Overall, the dip always indicates a buy moment for the traders. Therefore stacking the digital assets at their dip would be profitable in the long term.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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