Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• Chainlink data offered different conclusions from price action and on-chain metrics
• The BTC resistance at $30k could play a vital role in Chainlink’s reaction to its $8 resistance zone

Chainlink [LINK] saw the launch of Chainlink Staking v0.1 last December. On 19 October the network announced its plans to roll out Staking v0.2, which has advantages over the previous version such as dynamic rewards, better security, and more staking flexibility.

Read Chainlink’s [LINK] Price Prediction 2023-24

On the price front too, LINK was performing bullishly. A recent report by AMBCrypto detailed that the $7-$7.1 region was lined with sizeable buy orders and that LINK could rally from there. This analysis was vindicated, with the buyers forcing a rally from $7.21.

The bullish breaker block was defended yet again this week

The market structure of LINK on the one-day chart was bearish. However, the past 24 hours saw LINK register gains that measured just over 5%. A move above $7.83 would be needed to flip the structure bullishly.

On the other hand, the Relative Strength Index (RSI) continued to stay above neutral 50 and signaled that the momentum had not flipped bearishly yet. Additionally, the O

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Author: Akashnath S

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