Bitcoin and other crypto tokens were nursing their wounds on Tuesday amid the volatility in the riskier asset class. The ongoing week looks slow for cryptocurrencies due to few macroeconomic updates. After a flat and dull trade, the market is looking for signals to take a direction.
Chainlink(LINK) serves as a blockchain abstraction layer, facilitating seamless connectivity for smart contracts across various platforms. By employing a decentralized oracle network, Chainlink ensures secure interactions between blockchains and external data feeds, events, and payment systems.
On the weekly time-frame, the LINK/USDT trend has been traversing within the descending channel pattern. However, since the past few weeks, the price is on an upward trajectory with the chart breaking above the 20-week moving average and approaching the upper trendline. The next resistance is expected at 8.78 USDT and an immediate support is expected at 6.46 USDT.(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
