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Cryptocurrency continues to struggle, with the price of LINK down -4.78% on the day to $0.0034, after struggling to break through $0.04. The LINK/USD pair has been rangebound for the past few months, trading between $0.0029 and $0.04. Today’s fall below $0.036 is a signal that the bulls are exhausted and the bears are beginning to take control.
The LINK cryptocurrency has been moving up and down the scale for the past few weeks, but as of yesterday it is at $38.67. This is a significant increase from the level of $32.02 it was at just one week ago. With this upward momentum, there is a good chance that the price will reach its 2016 peak of $40.00 in an attempt to break through the resistance level.
Chainlink is struggling to break through the $40 resistance level, while the broader market is stagnant after recent gains.
The broad cryptocurrency market started the week on a positive note, with gains and making up for some losses from last week. However, the rally is now over as bitcoin and several other leading cryptocurrencies have shown slower growth in recent days.
Chain links also fall into this category. The 12th largest crypto-currency by market capitalization is up just 0.2% in the past 24 hours. LINK is trading around $35 and is struggling to break above key resistance at $40.
It will take a broader market rally to break this barrier and take profits in the coming days.
Twilight network for integration with Chainlink
LINK’s difficulties over the past 24 hours come despite Dusk Network’s announcement to integrate Chainlink. This integration will allow the decentralized financial ecosystem (DeFi) to benefit from improved data protection capabilities. Dusk will use price data from the Chainlink oracle network to provide true privacy in theFi space to create secure and reliable gateways between channels.
LINK Price Forecast
The LINK has been stuck around the $35 level for the past few hours and the bulls are struggling to break through the next resistance level.
If the trend continues, the bears could regain control, resulting in huge price losses. LINK is currently trading below its 100-day simple moving average at $36.53.
4-hour chart LINK/USD. Source: Coincide
The MACD line is trying to break out of its bearish zone, while the RSI is in neutral territory, meaning the market can move in either direction. Barring a massive sell-off, the bulls should be able to defend their support at the $30 level.
However, on a breakout, the LINK/USD could break above the $40 resistance level and attempt to make a new all-time high at $45. However, it will need help from the broader crypto-currency market, as bitcoin and other leading altcoins have stagnated in recent hours.
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