As Chainlink (LINK) Again Runs Into Wall Near $17, Bitcoin Minetrix Presale Wins Over Investors With Over $5.8 Million Committed So Far

Chainlink’s release of Staking v0.2 represents a milestone for the leading decentralized oracle network. Within 30 minutes, over 11 million LINK were staked – evidence of strong community excitement around the platform’s potential.

One major improvement is the pool size increase to 45 million stakable LINK, nearly double the previous limit. This expanded capacity mirrors Chainlink’s impressive growth while unlocking greater rewards potential for token holders. By staking LINK, users now play an even bigger role in securing the valuable oracle services powering Chainlink’s hundreds of real-world integrations.

The LINK price reflects this positive momentum, trading around $15.2 at press time with a 4% daily gain. But after a 30% November rally, some slowing of upside momentum has emerged.

Chainlink’s price chart shows a clear uptrend forming ,as reported by altFINS. However, further upside has recently stalled after LINK was rejected at resistance around the $17 level for the second time since mid-November.

In the latest rally attempt, LINK managed to notch a slightly higher high versus its mid-November peak. But bulls failed to overcome the $17 barrier once again. This double top setup suggests potential topping behavior in the near-term.

Upside potential toward $20 exists so long as LINK holds above the prior swing low around $13.90. That price level serves as a logical stop loss on bullish positions. With Chainlink acting as a leading oracle network amid increasing real-world asset tokenization, its long-term investment case looks promising.

Moreover, technical analysis shows the formation of a bearish RSI divergence – with price making new highs while the RSI indicator fails to follow suit. This discrepancy between the price action and momentum suggests upside may be fading in the short-term. The critical level to watch is $17, which has rejected LINK’s last two rally attempts.

If the $17 resistance holds firm, a pullback toward support at $14.50 looks likely. Such a dip would offer a key test of LINK’s broader uptrend. A breakdown below $14.50 support could signal a short-term trend change, with downside potential toward $13.90. But a bounce off $14.50 would present an attractive area for bulls to re-enter.

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Author: BeInCrypto Team

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