The cryptocurrency market has continued its poor start to the week, with some of the major coins and tokens recording losses over the past 24 hours.
The cryptocurrency market has had a poor start to the week. The market lost more than 4% of its value in the last 24 hours and the total cryptocurrency market cap now stands above $950 billion.
Bitcoin is defending the $22k support level after dropping below the $23k psychological level in the last few hours. Ether, on the other hand, was able to bounce back from Monday’s low of $1,165.
Despite the bearish sentiment in the market, some cryptocurrencies have been performing well. LINK, the native token of the Chainlink ecosystem, is one of the top performers amongst the top 30 cryptocurrencies by market cap.
At press time, LINK is trading at $6.31 per coin, up by more than 11% in the last 24 hours.
LINK’s ongoing rally can be attributed to Chainlink’s partnership with Elwood, one of the leading digital assets infrastructure providers in the world.
Elwood announced via a blog post on Monday that it would be contributing its broad asset pricing data to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle reports.
Key levels to watch
The LINK/USD 4-hour chart is bearish despite the cryptocurrency performing well in the last 24 hours.
The MACD line remains below the neutral zone as Chainlink has been underperforming in recent weeks. The 14-day RSI of 42 shows that LINK is no longer in the oversold region. If the rally continues, LINK could surge past the first major resistance level at $6.675 before the end of the day.
However, it would need the support of the broader market to move past the $7.1 resistance level.
With the bears still in control, LINK could decline below the $6 psychological level in the short term. Unless there is an extended bearish performance, LINK should comfortably defend its support level at $5.78
The post Here is why Chainlink is up by more than 11% today appeared first on CoinJournal.
