Fear of losses spreading across altcoin market
The leading oracle service protocol Chainlink took a 5% hit in 24 hours, trading at $14.15 and wiping out all weekly gains with a 4.2% drop in trading volume to $709 million and a market cap of $7.9 billion.
Chainlink Price Struggling Amid Bearish Outlook
Chainlink, along with many other altcoins, was unable to stay buoyant and began struggling to maintain its momentum, ultimately dropping below $15 after pushing past resistance levels and ushering in a brief bullish outlook.
Impact On Chainlink Price Prediction
The drop below $15, coupled with a sell signal from the MACD indicator, indicates that more declines are expected, potentially forming a critical support level for Chainlink at a purchase price of $11.60 – $11.80 or $12.50 – $13.10.
Can Chainlink Recover Ahead of Staking v0.2 Launch?
Continued Hopes For Chainlink Staking
Investors remain bullish on Chainlink due to the imminent launch of the network’s staking v0.2 in seven days as the process allows community members and holders to earn rewards for supporting the network’s operations. This aims to enhance the protocol’s economic security.
Impending Chainlink Staking v0.2 and Swift Partnership
The expected launch of staking v0.2 will bring about significant additions to Chainlink. In addition, the partnership with the global cross-border currency transfer network Swift and over 12 major financial institutions further enhances Chainlink’s credibility.
Hot Take
Overall, the upcoming launch of Chainlink’s staking v0.2 and the strategic partnership with Swift and multiple top financial institutions are expected to contribute to the recovery of Chainlink in the market in the near future.
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