Fear is spreading across the market, especially among investors in altcoins who are stomaching the biggest losses. The leading oracle service protocol Chainlink slipped 5% in 24 hours to trade at $14.15, erasing all weekly gains.
A 4.2% drop in trading volume to $709 million asserts the bearish outlook with LINK’s market cap dropping to $7.9 billion.
Chainlink Price Prediction: Levels To Watch As LINK Slips Below $15
Chainlink, like many of its peers including the likes of Solana (SOL), Cardano (ADA), Polygon (MATIC), Polkadot (DOT), and more, is struggling to stay buoyant as sellers take the reins this week.
Before the drop below $15, LINK had extended the uptrend where it achieved highs slightly below $17. The odds started to flip in favor of the bulls following the break above resistance—now support at $8.
Movement above the subsequent resistance areas for example $10, $13, and $15 allowed investors to glance ahead, as far as $50. However, in the short term, they contemplated a break above $20 which would bring the the next key level at $30 within reach.
Considering the pullback below $15 and a sell signal from the Moving Average Convergence Divergence (MACD) indicator, more declines are expected if the bearish situation takes longer to resolve.
Chainlink price prediction chart | Tradingview
On the other side of the fence, the ongoing pullback could offer a once-in-a-lifetime opportunity to buy more LINK. Crypto analyst and investors @CryptoMichNL agrees that if Chainlink price drops to “$11.60 – $11.80 or $12.50-$13.10” it would be an excellent moment to load up again.
Basically no change on $LINK.
Dips are pretty common to happen on the markets and levels are clean.
If #Chainlink reaches $11.60-11.80 or $12.50-13.10, time to load again. pic.twitter.com/cLeCuTgzUa
— Michaël van de Poppe (@CryptoMichNL) November 21, 2023
Can Chainlink Recover Ahead of Staking v0.2 Launch?
Investors are still highly bullish on Chainlink amid several key developments and partnerships, with the most significant being the launch of the network’s staking v.02 in seven days from today.
According to the announcement on August 25, staking remains one of the core elements of Chainlink Economics 2.0 which aims to achieve “crypto economic security.”
Staking is a process that allows community members and holders to participate in the operation of the network by backing “the performance of oracle services with staked LINK and earn rewards for helping secure the network.”
While v0.1 launched staking on Chainlink, v0.2 is bringing a lot more to the protocol, including enhanced flexibility, improved security, modular architecture, and a dynamic reward system.
In other recent news, Chainlink announced another strategic partnership with global cross-border currency transfer network Swift along with more than 12 top financial institutions.
According to a post on X, the collaboration will pave the way for the development channels for the “transfer of tokenized value efficiently and securely across public and private blockchains using CCIP.
Swift’s successful collaboration with #Chainlink and 12+ leading financial institutions demonstrated the ability to transfer tokenized value efficiently and securely across public and private blockchains using CCIP.
The onchain future for RWAs ⬇️https://t.co/yUzMZqCvSe pic.twitter.com/ye1Y0lASdb
— Chainlink (@chainlink) November 21, 2023
In a statement published by Swift, Tom Zschach, Chief Innovation Officer reckoned that interoperability is at the core of Swift’s existence. The company is working towards building networks to support a seamless flow of value across the world.
