The cryptocurrency market has continued its poor begin to the week, with a few of the main cash and tokens recording losses over the previous 24 hours.
The cryptocurrency market has had a poor begin to the week. The market misplaced more than 4% of its worth within the final 24 hours and the full cryptocurrency market cap now stands above $950 billion.
Bitcoin is defending the $22k help degree after dropping under the $23k psychological degree in the previous few hours. Ether, however, was in a position to bounce again from Monday’s low of $1,165.
Despite the bearish sentiment out there, some cryptocurrencies have been performing effectively. LINK, the native token of the Chainlink ecosystem, is one of many prime performers amongst the highest 30 cryptocurrencies by market cap.
At press time, LINK is buying and selling at $6.31 per coin, up by more than 11% within the final 24 hours.
LINK’s ongoing rally might be attributed to Chainlink’s partnership with Elwood, one of many main digital property infrastructure suppliers on the planet.
Elwood announced via a blog post on Monday that it will be contributing its broad asset pricing information to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle experiences.
Key ranges to observe
The LINK/USD 4-hour chart is bearish regardless of the cryptocurrency performing effectively within the final 24 hours.
The MACD line stays under the impartial zone as Chainlink has been underperforming in current weeks. The 14-day RSI of 42 reveals that LINK is now not within the oversold area. If the rally continues, LINK may surge previous the primary main resistance degree at $6.675 earlier than the tip of the day.
However, it will want the help of the broader market to maneuver previous the $7.1 resistance degree.
With the bears nonetheless in management, LINK may decline under the $6 psychological degree within the quick time period. Unless there is an prolonged bearish efficiency, LINK ought to comfortably defend its help degree at $5.78