LINK on the Rise as the Impact of Defi Sector on Chainlink Continues

LINK, the native token of Chainlink, has begun to show some signs of strength in the past few hours. These signs of strength can be attributed to the ongoing integration of real-world data into their smart contracts by Defi platforms.

Owing to this development, Chainlink’s usage is Increasing vehemently. Consequently, as the ecosystem grows, there has been a significant increase in the adoption of Chainlink. This has also boosted investors’ confidence as the price of LINK increases.

Key Chainlink Levels To Watch – June 25

LINKUSD is clearly in an upward trend as price leaves the oversold region. The upward trend came up after a long period of descent alongside an emerging falling trendline from the supply zone of $8.800. On June 10, 2023, the six-month low at $5.400 was broken as the market’s downtrend approached its end.

$LINK on the rise following the continuous growth of the DeFi sector and the risk-on tendencies on the #cryptocurrency markethttps://t.co/2e6N8CmadW

— U.Today (@Utoday_en) June 25, 2023

The Moving Average has flipped to the right side of the candlesticks, as it gave the buy signal two days ago. The invalidation of the diagonal resistance as the price leaves the oversold region has increased the buying momentum of the market. LINKUSD might keep heading upward until the overbought region is reached.

Chainlink Key Levels

Resistance Levels: $6.200, $8.800, $9.700
Support Levels: $4.900, $4.400, $3.700

Total Market Capitalization: $1.19T
Chainlink Market Capitalization: $3.34B
Chainlink Volume: $0.19B
Market Rank: #22

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