Price Analysis

ChainLink on a Recovery Mode, Significant Bullish Rally Incoming for LINK Price!

Chainlink is on the rise since it appears to have been less harmed by the crypto market crisis on June 7th. However, after the May 19 cryptocurrency crash, LINK was one of the worst losers. From a high of $53.00 on May 9th to a low of $15.00 on May 23rd, the coin lost over half of its gains. The altcoin is attracting a lot of interest as it just launched a new white paper indicating a shift toward smart contracts, after seeking to make a fresh attempt at recovery.

If the current momentum can keep LINK/USD above the trend, a significant rally should be possible. Even though the asset was still in the bearish zone, there were hints of progress. 

After momentarily dropping to $22.7, the chainlink price resumed its upward trajectory. The positive outlook appears to be intact, and investors should expect the coin to surge towards the first key resistance mark around $25.20. If LINK breaks through this level, it will begin a bull run that might take it to $32.38. 

The levels of resistance are $28.70 and $30.20. LINK price might retest the range high of $35.42 in an extremely optimistic situation. The support levels, on the other hand, are $19.28 and $14. At the time of writing Link was trading at $22.85.

In other news Orbs has joined Chainlink Reference Data Networks as an official sponsor, supporting the oracle pricing feeds. Orbs sponsorship means that the company is assisting in the security and decentralisation of Chainlink oracles while also allowing smaller initiatives to use it for free. 

Previously, orbs, a project at the intersection of enterprise and DeFi, has connected with tamper-proof Chainlink Price Feeds oracles to safeguard its Liquidity Nexus, a unique single-sided exposure yield generation protocol.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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