fxstreet.com 08 Feb, 2021 06:00 am

LINK poised for a 38% downswing amid intensifying overhead pressure

Chainlink has recently been rejected from its newly achieved all-time high, a move that has delayed the expected uplift to $30. Recovery is an uphill

LINK/USD 4-hour chart The TD Sequential indicator recently presented a sell signal on the 12-hour chart.LINK/USD 12-hour chart The IOMAP model, developed by IntoTheBlock, shows that Chainlink is sitting on areas of immense support.5 amid increasing selling pressure.Notably, in some support areas at $20, the 50 Simple Moving Average and the 200 SMA will come in handy, absorbing the selling pressure.

The protocol provides live price feed data to smart contracts within the DeFi sector.According to an announcement made via Twitter, Chainlink is keen on supporting new products within the ecosystem beyond crypto price feed.

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