- Chainlink price is swinging dangerously in a rising channel as losses at $5.80 persist.
- Chainlink’s enterprise-grade middleware can help organizations develop climate markets and improve energy management.
- LINK price may maintain support at the 100-day SMA and buyer congestion at $7.00, as highlighted by IOMAP.
Chain link price is still facing prolonged selling pressure since the start of the week when it was rejected from resistance around $8.00. The smart contracts price feed oracle token slowed its downtrend at the lower boundary of the ascending channel – reinforced by the 100-day simple moving average (SMA) (blue).
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Chain link aims to advance climate markets and foster energy management and sustainable initiatives. Users can touch Chain link resources to provide Web2 string data, smart support Web3 Solution. Building highly efficient climate ecosystems requires focused digital measurement, reporting and verification.
Chainlink is one of the most used crypto projects in the industry. Most smart contracts and decentralized finance (DeFI) the platforms operate from data processed by Chainlink’s oracle protocol.
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Typically for all crypto projects, utility use cases build and create value. That being so, Chain link price is better positioned for a bullish outlook even as the crypto market flounders through the current murky bearish waters.
Chainlink price recovery is banking on this support
The middle boundary of the ascending parallel channel, in conjunction with the 100-day SMA, helped LINK Price fight the bears, prevent the declines from breaking out of the channel and progress to lower levels at $6.40 and $5.80. At the time of writing, the token is teetering at $7.32, inside the channel, as bulls focus on pushing for a spike to the upper boundary, and potentially beyond.
LINK/USD daily chart
Capping Chain link the immediate upside is the 50-day SMA (yellow). However, with the Moving Average Convergence Divergence (MACD) holding above the average line, the odds could favor a resumption of its uptrend. At the same time, a break above the seller’s concentration at $8.00 could be LINK price fastest exit from stubborn bearish chains.
Chainlink IOMAP Model
The In/Out of Money (IOMAP) chain model of IntoTheBlock, cements the presence of LINK bulls between $6.68 and $6.93. Around 10,600 addresses have already purchased 296 million tokens in this range. Holders in this zone are unlikely to easily give up their gains, given the need to push Chain link price upper.
In other words, the bears will have to work tirelessly to break the support zone. Also, the lack of strong resistance levels at $8.00 suggests that the path with the least resistance is to the upside.