Chainlink Drops 4.8%, Struggling below the $20 USD Resistance

Written by: Timothy St. John • Tuesday, July 13, 2021 • 1 min read

• Last updated: Tuesday, July 13, 2021

Chainlink (LINK) - Where Does it Go From Here?

Chainlink (Link/USD) is at $17.22 right now, continuing a bearish trend from the last few days. It was almost a week ago that the cryptocurrency hit the $20 US mark.

LINK/USD

That’s about as high as it’s gone since the middle of last month, where it reached an impressive $26.15 on June 15th. At the beginning of June, Chainlink was sitting above the $30 mark, but just barely. It has been trending mostly downward since then, buoyed by a few small spikes.

What Is Chainlink?

Chainlink works as a way to step beyond the limitations of the typical blockchain network. As popular as blockchains like Bitcoin are, there are certain limitations to the different factors they can take into consideration when determining the value of a cryptocurrency on that blockchain.

Chainlink considers more factors that would affect a financial market, and that can include credit cards, fiat currency, and more. It can be used on multiple blockchain networks to account for more economic and financial factors. Chainlink goes beyond the range of your typical blockchain because it is a decentralized oracle network.

Even though Chainlink is going through a rough spot right now, as is much of the cryptocurrency market, it offers an important technology. Chainlink adds value to blockchains and can grow in inherent value over time it is as it is used by more and more blockchains.

As a currency that stands on its own, the LINK token from the Chainlink network ranks #15 out of all cryptocurrencies. That means it is widely available and sold on hundreds of networks. It also has plenty of room to grow, not having reached even half of its total potential supply, with a current circulating supply of around 438 million. Over the last 24 hours, $560,433,247 in Chainlink transactions have been made.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.