Based on the materials of the site - By crypto.news
The price of Chainlink has dropped over the last few months, reflecting the dynamics of most altcoins.
Chainlink (LINK), the largest oracle in the cryptocurrency industry, is trading at $13.12, which is 26% lower than its peak in May and 57% lower than its November high.
LINK has fallen despite some important news in recent weeks. For example, Chainlink launched a major partnership with Mastercard, the second-largest payment processor in the world.
This partnership will allow people to buy cryptocurrency directly using their cards, and Chainlink will provide solutions for verification and synchronization. The partnership also includes companies like Shift4 Payments and Uniswap (UNI).
Chainlink is also expected to play a significant role in the rapidly growing stablecoin industry thanks to its Proof of Reserve solution. This solution helps companies provide accurate data about their assets.
Meanwhile, the company has continued to enter into partnerships with some of the largest companies in the world. It now has partnerships with companies such as JPMorgan, UBS, Swift Network, and ANZ Bank.
In a statement from today, July 2, the company announced that it is collaborating with Aktionariat, a stock tokenization platform with over 30,000 registered investors. The Swiss company is using its cross-chain interaction protocol to ensure secure cross-chain treasury accounts.
Chainlink has also joined the xStocks Alliance, becoming an official oracle provider. Other companies in the alliance include Kraken, Solana, Alchemy Pay, Jupiter, and Raydium. Its Oracle solutions will enable investors worldwide to access tokenized stocks.
On-chain data is also optimistic for Chainlink. For example, Santiment data shows that there are currently 208 million LINK tokens on exchanges, down from 212 million last month. This decrease is notable as it occurred after a sharp increase in volume in June.
Additionally, the average age of invested dollars or MDIA has continued to rise this year, reaching a peak of 129.50 from a low of 110 in April. The rising MDIA indicator is a sign that investors continue to hold their tokens.
The daily chart shows that the price of LINK is giving mixed signals about what to expect. On the positive side, the token formed a double bottom pattern at $10.9 and a neckline at $17.90.
A double bottom is a highly accurate bullish signal in technical analysis. If this happens, the initial target to watch for will be $17.90, followed by a psychological point at $20.
On the other hand, the token remains below the 50-day and 100-day exponential moving averages, which is a sign that the bearish trend is unchanged. It has also formed an inverse 'cup and handle' pattern, with the current phase being the handle section.
If this pattern represents an inverse C&H instead of a double bottom, it means that the price will continue to fall, potentially down to $10.
Therefore, a key level to watch will be $10.91, the double bottom or the lower side of the inverse C&H. A break below this level will confirm a bearish breakout and indicate further decline.
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