Key Takeaways
Online brokerage platform Robinhood listed Chainlink’s LINK.
The token surged by nearly 9% following the announcement.
Although the recent gains were lost, LINK looks poised to rebound.
Share this article
Chainlink’s LINK token briefly pumped and dumped today on news that Robinhood had listed it. Regardless, the decentralized oracles token appears to have the strength to continue trading above support.
Robinhood Lists Chainlink’s LINK
Chainlink’s LINK token is broadening its horizons to a broader range of investors following its listing on the online brokerage platform Robinhood.
American retail trading company Robinhood officially confirmed that it added LINK to its cryptocurrency offerings. This is the first time the platform had listed new tokens since mid-April when it added support for Compound, Polygon, Solana, and Shiba Inu. The new listing may help provide more liquidity to the decentralized oracles token.
LINK jumped by nearly 9% following the announcement, going from a low of $6.70 to an intraday high of $7.20. Prices have retraced since then by nearly 10%, and the token hovers around $6.50 at the time of writing. From a technical perspective, it appears has yet to gain the strength for a significant movement.
Chainlink appears to be consolidating within a parallel channel on its hourly chart. Each time the token reaches the channel’s upper boundary, it retraces to the lower boundary. From this point, LINK tends to rebound again, which is consistent with the characteristics of a channel.
The recent rejection at $7.20 appears to have encouraged traders to exit some of their positions. Further selling pressure could push LINK to the channel’s lower trendline at $6.30 before a rebound to the channel’s upper trendline at $7.50 occurs. Still, it remains to be seen whether Chainlink can hold above support.
Source: TradingView
Failing to keep the $6.30 level as support could trigger a bearish breakout. The parallel channel’s width added to the breakout point suggests that a breach of support can result in a 15.7% correction toward $5.30.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
