Is it a Good Time to Buy Chainlink (LINK)?
Chainlink (LINK) is trading bearish at the moment and seems to be unable to capture investor interest as it did a few months ago, based on
Chainlink (LINK) is trading bearish at the moment and seems to be unable to capture investor interest as it did a few months ago, based on analysis by IntoTheBlock. At the time of writing, LINK/USD is trading at around $27, almost 50% down from its ATH from less than a month ago.
While the crypto bull run has helped boost Chainlink’s value by over 200% since the beginning of 2021, the growth potential seems to be losing steam, especially in the face of rising popularity of several of its competitors. Possibly as investors focus more on the DeFi and NFT space, the oracle project is seeing lesser levels of traction, removing it from the top 10 list of cryptocurrencies by market cap, taking it down to rank 13 on Coinmarketcap.
Buyers seem to be making their way towards newer, shinier offerings in the crypto market, with the biggest gainers from this trend being Cardano (ADA), Polkadot (DOT) and Binance Coin (BNB). IntoTheBlock’s report reveals that LINK has failed to gain much interest from retail traders since the past several months.
On a positive note, however, Chainlink does find support from the recent inclusion of the cryptocurrency on popular fintech app Revolut. This could be a potential reason why popular crypto trader Michaël van de Poppe remains bullish about Chainlink’s outlook and is recommending buying the current dip in LINK.
Key Levels to Watch
On the 4-hour chart, most of the moving averages are signaling a bearish bias in LINK/USD. Although, leading technical indicators MACD and momentum are suggesting bullishness in the crypto pair.
For now, the price sits below the key resistance level at $31 and a break above this level can see buyers target $35 and even go past the key $40 level. On the other hand, in case selling pressure builds up, LINK’s price can tumble all the way down to test $25.
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