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The cryptocurrency market began the new week positively, but has failed to build on the momentum.
Bitcoin, the leading cryptocurrency by market cap, hit the $115k mark early on Monday but has now dropped to the $113,900 level, losing less than 1% of its value in the last 24 hours.
Altcoins are also underperforming, with most of them currently in the red.
Dogecoin, XRP, Tron, and BNB are all down by less than 1% over the last few hours.
Chainlink’s LINK also bounced back from the weekend low of $15 on Monday, but now risks dropping to that level as the market conditions turn bearish.
Chainlink unveils Data Streams for US equities and ETFs
The primary catalyst behind Chainlink’s positive performance on Monday was the launch of its data streams for US equities and exchange-traded funds (ETFs).
According to Chainlink, the data streams have already gained adoption by leading DeFi protocols, such as GMX, Kamino, and GMX-Solana.
Chainlink Data Streams are providing real-time, high-throughput pricing for TradFi assets such as SPY, CRCL, QQQ, NVDA, AAPL, MSFT, and several others.
We’re excited to launch Chainlink Data Streams for U.S. equities & ETFs—real-time, low-latency data to power the next generation of tokenized RWA markets. blog.chain.link/chainlink-data… These new Data Streams are being adopted by top DeFi protocols, including @GMX_IO, @KaminoFinance,
Chainlink added that the launch allows developers to access real-time, context-aware data for US equities and ETFs directly on-chain.
Thus, enabling use cases such as tokenised stock trading, perpetual futures, and synthetic ETFs.
LINK could dip to $15.5 before rallying higher
The LINK/USD 4-hour chart is bullish, suggesting that traders could be preparing for another leg up.
The pair has also formed a Valid Trading Range (VTR), increasing the possibility of an upward movement.
The technical indicators are also switching bullish as buyers troop into the market.
The MACD lines are close to the neutral zone, indicating a fading bearish momentum.
The RSI of 47 also shows that LINK could enter the bullish zone soon.
At press time, LINK is trading at $16.57, down 1% in the last 24 hours.
LINK could likely drop to the $15.5 region over the coming hours, thanks to the Transactional Liquidity (TLQ).
The TLQ could provide the necessary liquidity to push LINK’s price higher. The major resistance currently stands at $16.87.
An upward movement could see LINK hit last week’s high of $19.5 in the next few hours or days.
An extended rally would allow the coin to reach the $20.5 level for the first time since February.
However, the broader market is currently bearish and could experience a massive sell-off if market conditions persist.
If this plays out, LINK could drop to the $13.9 support level over the next few hours or days.
If the sell-off continues, LINK risks dropping to $10.8 for the first time since June 23.
The market conditions are currently volatile, with no clear direction.
Until the market stops consolidating, it could be tough to accurately predict LINK’s medium-term direction.
The post What next for LINK after rebounding above $16? Check forecast appeared first on Invezz
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