Chainlink (LINK) price is currently sustaining above the $12 mark as the crypto market sees a significant fall. In the past 24 hours, the crypto market saw a fall of 3.8%, and over the course of the past week, there has been a fall of 2.65%.
However, despite the overall negative trend in the market, LINK is able to record a slight 1% appreciation over the last month. Bitcoin recently broke below the $90,000 level, and the price of Ether is still below $3,000. Such developments indicate overall market corrections among the alternative cryptocurrencies, including Chainlink.
Chainlink Launches 24/5 U.S. Equities Data
According to a post by Cointelegraph, Chainlink has rolled out 24/5 U.S. equities data streams, allowing for constant access to U.S. stocks ETFs onchain. This new addition has integrated the world of DeFi with the $80 trillion U.S. equity market, allowing smart contracts to efficiently interact with equities data.
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Technical Indicators Signal Oversold Conditions for LINK
Chainlink’s price has recently fallen to $12.31 because of increased selling pressure. Technical analysis indicates that the Relative Strength Index is at 21, which is an oversold zone. Additionally, the MACD is still negative, with the MACD line below the signal line. Key resistance levels for this cryptocurrency are set at $14 and $15.
If Chainlink manages to maintain its support levels at $12, the next move might be to test the resistance levels. Breaking past $13 might be an indication of the potential for a bullish turn. Otherwise, if the support at $12 breaks, Chainlink might see further declines, possibly reaching levels around $11.20 before any potential rebound.
Chainlink’s recent launch of 24/5 on-chain U.S. stock and ETF data feeds could support future adoption within decentralized finance. These integrations enhance the market transparency. Although the market faces short-term challenges, oversold conditions might provide a chance for a short-term rebound.
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