S&P 500 5,278.40 +0.45% NASDAQ 16,755.02 +0.67% DOW JONES 38,886.57 +0.32% RUSSELL 2000 2,084.45 +0.15% VIX 13.42 -1.52% GOLD 2,348.30 +0.21% OIL (WTI) 78.62 +0.18% US 10Y 4.28% -0.04%
All articles Federal Reserve

The Crucial Levels Chainlink Must Break to Rally

The Crucial Levels Chainlink Must Break to Rally

Chainlink (LINK) is up 7.13% in the day to trade at $11.82 following several major developments. 

The first is the partnership with SWIFT services provider Bottomline, enabling over 600 banks to access Blockchain settlement through Chainlink. The second is Wyoming state adding Chainlink’s Proof of Reserve to its native state-issued FRNT stablecoin for real-time reserve and supply tracking. Third is that LINK is riding on the broader market risk-on rally as Fed Governor Christopher Waller calmed investor fears over aggressive rate hikes mid-month.

These developments and August’s overall upward momentum have contributed to LINK’s 45.78% gain in the last month. However, the token needs to jump several hoops to argue the case of a true rally.

At the beginning of the year, LINK suffered a massive breakdown below the symmetrical triangle it was trading within, triggering an over 40% plunge to $7.2. Here, the token paused to form a local bottom between this price and the $8.6 ceiling. 

Add Coinpedia as a trusted source in Google News

It then consolidated here for several months before recently breaking above the $8.6 and $10.9 supply barriers. 

For a true bullish reversal to take shape, LINK needs to clear the overhead horizontal supply cluster anchored at $12.7. Success here opens a retest towards the $14.6 psychological pivot.

LINK price analysis chartLINK price analysis chart

Source; TechCharts

However, if the local bottom of $7.2 fails to hold, a retest of the historical $5.4 floor becomes probable.

Additional influencers

Other factors affecting markets include the Middle East conflict and a possible delay in the Senate’s vote on the CLARITY Act.

And while the Fed Governor has eased fears of a potential rate hike, the agency’s course of action remains to be seen, given inflation persists at a multi-month high above 2%.

Was this writing helpful?

Story Ends Here

Trust with CoinPedia:

Investment Disclaimer:

All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:

Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

Eagle One Intelligence

The edge serious investors read.

Macro shifts, market structure, and the ideas worth tracking — straight to your inbox.

Note. For informational purposes only. Not financial advice. Past performance does not guarantee future results.