Fear of losses spreading across altcoin market
The leading oracle service protocol Chainlink took a 5% hit in 24 hours, currently worth $14.15 and wiping out all weekly gains with a 4.2% fall in volume of trading to $709 Million and a market cap of $7.9 billion.
Chainlink Price Struggling Amid Bearish Outlook
Chainlink, along with numerous other altcoins, was unable to stay buoyant and began struggling to sustain its momentum, in the end dropping below $15 after pushing past resistance levels and ushering in a brief positive trend outlook.
Impact On Chainlink Price Prediction
The fall below $15, coupled with a sell signal from the MACD indicator, indicates that more declines are expected, potentially forming a critical level of support 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 positive trend on Chainlink due to the imminent launch of the network’s staking v0.2 in 7 days as the procedure allows community members and holders to earn bonus for supporting the network’s operations. This intends to expand the protocol’s economic security.
Impending Chainlink Staking v0.2 and Swift Partnership
The expected launch of staking v0.2 will bring about whole lot of additions to Chainlink. Additionally, the partnership with the worldwide cross-border currency transfer network Swift and over 12 major financial institutions further enhances Chainlink’s credibility.
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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