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Chainlink large consolidation may indicate strength and a new wave up


Chainlink Analysis

Chainlink is an exciting DeFi Ethereum-based project. The company specializes in inter-communications among different players, including blockchains and the fiat world. Chainlink's platform serves as an intermediate link between smart contracts and mainstream finance.
On May 12, its co-founder Sergey Nazarov announced its new product: Chainlink VRF. This is an on-chain verifiable randomness object that acts as a security defense against adversaries seeking to steak funds held by a smart contract.

Fig 1 - Link daily Chart

On the daily chart, we see that Chainlik's history is short: nonetheless interesting. We perceive that this token was ready to fly high when it was hit on the Black Thursday's selloff, like the rest of the sector. After the selling was done, LINK recovered quite well in a movement that started at its $1.5 low, finishing at its last $4.2 high, a 180% move up. Currently, LINK is creating a sideways base in a range between $3.56 and $3.8.

Fig 2 - Link 4H Chart

On the 4H chart, we see that LINK has suffered a pullback product of the Sunday's crypto mini-crash, and its price landed on the previous trading range. Buyers may consider an entry after the price breaks above the current top of the range ($3.8) if the asset starts gaining momentum. Short-term traders may point to a profit target near the 4.2 top. If the price moves down with strength below 3.56, this scenario is invalidated.

Key levels:

Resistance: $3,8

Support: $3.56

Potential target: $4.2

Reward/Risk: 1.67

CryptoRocket Review

Source: https://www.cryptorocket.com/news/chainlink-large-consolidation-may-indicate-strength-and-a-new-wave-up/
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