The cryptocurrency market has continued its poor begin to the week, with among the main cash and tokens recording losses over the previous 24 hours.
The cryptocurrency market has had a poor begin to the week. The market misplaced more than 4% of its worth within the final 24 hours and the overall cryptocurrency market cap now stands above $950 billion.
Bitcoin is defending the $22k assist stage after dropping beneath the $23k psychological stage in the previous few hours. Ether, however, was in a position to bounce again from Monday’s low of $1,165.
Despite the bearish sentiment available in the market, some cryptocurrencies have been performing nicely. LINK, the native token of the Chainlink ecosystem, is one of many prime performers amongst the highest 30 cryptocurrencies by market cap.
At press time, LINK is buying and selling at $6.31 per coin, up by more than 11% within the final 24 hours.
LINK’s ongoing rally might be attributed to Chainlink’s partnership with Elwood, one of many main digital property infrastructure suppliers on the earth.
Elwood announced via a blog post on Monday that it might be contributing its broad asset pricing knowledge to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle reviews.
Key ranges to look at
The LINK/USD 4-hour chart is bearish regardless of the cryptocurrency performing nicely within the final 24 hours.
The MACD line stays beneath the impartial zone as Chainlink has been underperforming in latest weeks. The 14-day RSI of 42 exhibits that LINK is not within the oversold area. If the rally continues, LINK might surge previous the primary main resistance stage at $6.675 earlier than the tip of the day.
However, it might want the assist of the broader market to maneuver previous the $7.1 resistance stage.
With the bears nonetheless in management, LINK might decline beneath the $6 psychological stage within the quick time period. Unless there is an prolonged bearish efficiency, LINK ought to comfortably defend its assist stage at $5.78
