Chainlink’s Next Level of Support Below $32 is Around $27 – Weiss
- Chainlink is currently battling to maintain the $32 price area as a support
- According to Weiss, $27 is the next level of support should $32 fail for Chainlink
- On a fundamental level, the team at Chainlink has awarded a community grant to ChainSafe
- The grant is aimed at expanding the Chainlink Oracle pallet on Polkadot
The digital asset of Chainlink (LINK) is currently undergoing a fierce battle in defense of the $32 price area. This is after the digital asset dropped to a local low of $30.02 – Binance rate – during yesterday’s crypto-wide sell-off that saw Bitcoin drop to $47,500.
At the time of writing, Chainlink is trading at $31.866 with the team at Weiss Ratings identifying $27 as the next level of support should the $32 price area fail. Weiss used Chainlink’s volume profile to derive the $27 support, as showcased through the following tweet.
Volume profile for Link: Looks like support below 32, next support level is around $27 based last 30 days.#Chainlink $LINK pic.twitter.com/wCawIuMBWJ
— Weiss Crypto (@WeissCrypto) April 23, 2021
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A quick glance at the daily LINK/USDT chart reveals that the $32 support is currently where the 50-day moving average lies. A breakdown of this level will ultimately lead to more losses with the identified $27 price zone being the next area of interest.
Also from the chart, it can be observed that the daily MACD has crossed in a bearish manner above the baseline thus confirming the possibility of LINK falling further. The daily trade volume is also in the red highlighting ongoing selling by traders. The daily MFI and RSI are also pointing towards an ongoing correction for Chainlink that should last till the beginning of next month.
Chainlink Awards Community Grant to ChainSafe
Despite the current market uncertainty surrounding Chainlink, the fundamentals surrounding LINK remain strong.
Yesterday, the team at Chainlink awarded a community grant to ChainSafe to expand and improve the on-going support of the Chainlink Oracle Pallet on Polkadot (DOT).
The grant is aimed at improving the way developers build applications on ‘Polkadot parachains, Kusama parachains, and Substrate-based blockchains to integrate a highly secure and reliable source of external data feeds’.