{"id":1101,"date":"2021-06-30T22:22:40","date_gmt":"2021-07-01T02:22:40","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1101"},"modified":"2021-07-04T15:48:59","modified_gmt":"2021-07-04T19:48:59","slug":"chainlink-technical-analysis-link-struggling-below-20-dollars","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/chainlink-technical-analysis-link-struggling-below-20-dollars","title":{"rendered":"Chainlink Technical Analysis: LINK\/USDT Still Struggling Below $20"},"content":{"rendered":"\n
\"Chainlink
<\/figcaption><\/figure>\n\n\n\n

It has been nothing but a sea of red in the last few trading sessions. Chainlink is no exception. LINK losses, if anything, are profound.<\/p>\n\n\n\n

Shedding over 75 percent of the Q1 2021 gains, LINK bears are unforgiving reading from the development in the daily chart.<\/p>\n\n\n\n

LINK<\/a> is stable, adding seven percent on the last trading day but down 16 percent week-to-date at the time of writing.<\/p>\n\n\n\n

Even with the flat-lining of LINK\/USDT prices on the tail-end of last week, bulls are still struggling.<\/p>\n\n\n\n

The good news is, prices are moving within bullish territory of the June 23 conspicuous bull bar.<\/p>\n\n\n\n

Nonetheless, provided $20 holds and LINK\/USDT prices trade below May 2021 lows, the path of least resistance remains southwards for the time being.<\/p>\n\n\n\n

Chainlink Market Overview<\/h2>\n\n\n\n

The Chainlink price action points to dominant sellers. It is easy to see why.<\/p>\n\n\n\n

For one, LINK\/USDT price action is slanted negatively.<\/p>\n\n\n\n

Despite the horizontal consolidation, the chances of this being a distribution remain high as long as $20 caps LINK\/USDT upward advances.<\/p>\n\n\n\n

Note that there is a double-bar bullish reversal pattern at the spot rate. On the bright side, this may provide the necessary tailwinds marking the end of sharp losses of the last two months.<\/p>\n\n\n\n

The primary support lies at $15 and chances of prices dropping to $10 remain high. This is the 2021 lows and if bears flow back, aligning themselves along the lower BB as is currently the case, losses towards this mark will be high.<\/p>\n\n\n\n

At the time of writing, LINK trading volumes are down 10 percent to around $605 million, though bulls are still determined.<\/p>\n\n\n\n

Chainlink Market Movers<\/h2>\n\n\n\n

The blockchain-agnostic project is a middleware linking external tamper-proof data to smart contracts.<\/p>\n\n\n\n

It is one of the most adopted, boasting over 300 partners. Chainlink acts as an essential cog in DeFi and NFTs\u2014where their Verifiable Random Function (VRF) has found wide adoption.<\/p>\n\n\n\n

Chainlink is distinct because of its decentralization and level of security. It is effective in preventing attack vectors like those using Flash loans:<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/andyboyan\/status\/1408537135536295940\n<\/div><\/figure>\n\n\n\n

To keep up with changing times, Chainlink 2.0, as earlier reports show, will incorporate a Layer-2 oracle channel. It is the developer’s grand plan to tackle issues around scalability and front-running.<\/p>\n\n\n\n

Coupled with cheap hardware requirements, make Chainlink one of the easiest to run:<\/p>\n\n\n\n

\n

The minimum hardware requirements of running a #Chainlink<\/a> oracle node are extremely low (10GB of storage and 2GB of ram)

No serverfarm is strictly required, incentivizing decentralization

You can even run a Chainlink node on a Raspberry Pihttps:\/\/t.co\/Ghf9SaFVqj<\/a><\/p>— Zach Rynes | CLG (@ChainLinkGod) June 27, 2021<\/a><\/blockquote>