The cryptocurrency market has shown slight gains during the past 24 hours. The slight buying pressure has resulted in some coins making slight gains. Chainlink (LINK/USD) is on a slight uptrend attributed to the ongoing market support.
Chainlink has gained by around 4.1% during the past 24 hours, and at the time of writing, it was trading at $16.48.
LINK attempting a breakout
LINK is currently 68.7% below its record high. Over the past week, it has attempted an uptrend, but its weekly gains have been capped at 8.4%. The 24-hour bulls have allowed LINK to break out from the $15.50 levels.
LINK could be primed for a decent recovery if the buyer support holds. Currently, the next resistance level lies at $17.76, which could be easily achieved during the coming trading hours. LINK was rejected at these levels on January 31, and if the current bulls are strong enough, LINK could break past this level soon and target $19.50.
The market support is still shaky, and there are still signs of a downtrend. In this case, LINK will find support at $15.60. Any further reversal from here will take prices to around $13.84, taking prices below the July 2021 lows. Traders could rush to sell at this point, propelling a further downfall.
Currently, the major factor propelling LINK’s gains and dips is the performance of the broader cryptocurrency market. Hence, any chance of LINK recovering depends upon traders coming back into the market in case of a bull run.
Major developments on Chainlink
As the price of LINK fails to break free from the volatility happening across the cryptocurrency market, the Chainlink ecosystem has been making headlines following notable developments.
Towards the end of January, Chainlink hires the co-creator of Diem, Christian Catalini, as the new technical adviser. Catalini will work with the Cross-Chain Interoperability Protocol (CCIP), allowing users to move tokens and execute smart contracts across different blockchains. Catalini will also work with the Chainlink team for the Chainlink 2.0 whitepaper. Catalini worked with Facebook’s Diem project, where he was the chief economist.
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