Chainlink price started the new week on a bullish note, jumping 6% to $10.6 during the Asian trading hours. Similar momentum was showcased in most major altcoins as the weekend sell-off eased, and the Bitcoin price was heading to regain the $60000 mark. Will the broader market sentiment combined with a flood of new integration in the Chainlink network boost the recovery trend?
Chainlink Price Steady As Network Grows Footprint with Base Integration
Chainlink, the decentralized blockchain oracle network, recently expanded its service, Data Streams, and VRF with Ethereum Layer 2 Solution Base.
Chainlink Data Streams offer developers real-time access to external data, enabling decentralized applications on Base to interact with off-chain data sources more efficiently. Chainlink’s VRF is another significant integration on Base, providing developers with a secure source of randomness. Amid the announcement, Chainlink price showcased a stable trading around the $10 mark.
“Base’s builder-friendly environment is a natural fit for Chainlink products, and we’re excited to see all of the Chainlink platforms now available on Base,” said Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs.
With such a continuous stream of integrations, the Chainlink network continues to expand its foot in the DeFi market, which could eventually attract natural demand for LINK tokens.
LINK Price Shows Recovery Potential With Wedge Pattern
Over the past two weeks, the Chainlink price showed a sideways action, wavering around the $10 psychological level. The daily candles forming short bodies and high wicks indicate uncertainty and lack of initiation from buyers or sellers.
However, the consolidation hovering above the support trendline of the wedge pattern hints at potential accumulation before the next leap. A recent bullish crossover between the MACD (blue) and signal (orange) hints at the bullish sentiment gradually returning to the asset.
An upside breakout from $10.9 resistance will provide buyers with suitable support to drive higher recovery.
A post-reversal rally could uplift the LINK price by 36% to challenge the overhead trendline at $13.5. A potential breakout from the wedge resistance will signal the end-of-correction trend.
On the contrary, if supply pressure at $10.6 persists, the Chainlink price prediction hints at 10% down to test $8.8 support.
A bearish breakdown below the lower support will invalidate the bullish thesis from this pattern.
Frequently Asked Questions (FAQs)
Chainlink (LINK) is currently trading steadily around the $10 mark, despite new integrations with the Base Layer 2 solution
If the price breaks above the $10.9 resistance, Chainlink could see a 36% rally, potentially reaching $13.5.
The $10.8 and $11.9 are immediate horizontal resistance that could stall the recovery momentum in LINK
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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