Investors Flock to Chainlink as Crypto Regulations Tighten

Due to the issue of regulations and interference from regulators, investors, particularly in the EU, are starting to switch their attention to Chainlink. As regulators continue to push back against their legitimacy, cryptocurrencies are being stalked throughout their consolidation phase.

Additionally, Chainlink is a major player in the cryptocurrency industry in terms of data processing. As more investors perceive the project as a better haven, this feeds its phenomenal growth. Investing in Chainlink is becoming a safe and legal way to get cryptocurrencies. Since scaling from nowhere to the top 20 on CoinMarketCap recently, LINK, the native token of Chainlink, has experienced a spectacular rise.

Key Chainlink Levels To Watch: May 16

According to the Stochastic Oscillator, the market is recovering from its oversold state. LINKUSD has been on a downtrend since the buy-side liquidity grabs above the $8.400 old high.

Alongside the major trendline, the price is expanding to the upside with a fair upthrust. On the higher timeframe, the market’s overall trend is bullish. The price will likely head toward the $8.800 resistance as the uptrend resumes.

Chainlink Key Levels
Resistance Levels: $8.800, $9.510, $11.420
Support Levels: $6.750, $5.900, $5.390

Total Market Capitalization: $1.13T
Chainlink Market Capitalization: $3.44B
Chainlink Volume: $0.14B
Market Rank: #19

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