{"id":243223,"date":"2022-06-28T03:30:49","date_gmt":"2022-06-27T22:00:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=243223"},"modified":"2022-06-27T18:49:18","modified_gmt":"2022-06-27T13:19:18","slug":"assessing-why-link-investors-are-in-a-limbo-despite-its-wedge-pattern-breakout","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/assessing-why-link-investors-are-in-a-limbo-despite-its-wedge-pattern-breakout\/","title":{"rendered":"Assessing why LINK investors are in a limbo despite its wedge pattern breakout"},"content":{"rendered":"

The weekly performance of the crypto-market has been quite interesting over the last few days as the bulls kicked up some dust. Chainlink [LINK] was one of the cryptocurrencies that enjoyed a substantial uptick as it pushed deeper into the narrow range.<\/p>\n

The alt’s long-term price action has been trading within a descending wedge pattern, one underpinned by support and resistance. LINK has shown some recovery<\/a> in the last two weeks after the latest crash that retested support near the $5.5-price level. The resulting upside was enough to push for a resistance line retest.<\/p>\n

The altcoin was trading at $6.94, at press time, after a 2.81% 24-hour drop, but its weekly performance was still up by 3.87%. It was just above the descending resistance line over the last three days, but its performance was characterized by lower volumes.<\/p>\n

Its RSI has also been hovering around the neutral 50-level where some resistance was anticipated after the rally.<\/p>\n

\"\"<\/a>
Source: TradingView<\/figcaption><\/figure>\n

The resistance and slight downside at the 50% RSI level suggests that there is some sell-off taking place. Although this might be a bearish signal, low selling pressure, coupled with a notable catalyst, might fuel more upside.<\/p>\n

Furthermore, the latest potential catalyst is a weekly update that was sent out a few hours ago, revealing 15 integrations of five Chainlink services with five blockchain networks. They include Moonbeam, Ethereum, Polygon, BNBChain, and Avalanche.<\/p>\n

Although this is good news for Chainlink’s network, on-chain metrics provide a better view of the market\u2019s response.<\/p>\n

\n

\u2b21 Chainlink Adoption Update \u2b21<\/p>\n

This week, there were 15 integrations of 5 #Chainlink<\/a> services across 5 different chains: #Avalanche<\/a>, #BNBChain<\/a>, #Ethereum<\/a>, #Moonbeam<\/a>, and #Polygon<\/a>.<\/p>\n

Chainlink gives #Web3<\/a> developers the tools to build advanced hybrid smart contracts. pic.twitter.com\/e5S4juVweS<\/a><\/p>\n

— Chainlink (@chainlink) June 26, 2022<\/a><\/p><\/blockquote>\n