Chainlink Pumps and Dumps on Robinhood Listing

Chainlink’s LINK token briefly pumped and dumped at present on information that Robinhood had listed it. Regardless, the decentralized oracles token seems to have the power to proceed buying and selling above assist.

Robinhood Lists Chainlink’s LINK

Chainlink’s LINK token is broadening its horizons to a broader vary of traders following its itemizing on the web brokerage platform Robinhood.

American retail buying and selling firm Robinhood formally confirmed that it added LINK to its cryptocurrency choices. That is the primary time the platform had listed new tokens since mid-April when it added assist for Compound, Polygon, Solana, and Shiba Inu. The brand new itemizing could assist present extra liquidity to the decentralized oracles token.

LINK jumped by practically 9% following the announcement, going from a low of $6.70 to an intraday excessive of $7.20. Costs have retraced since then by practically 10%, and the token hovers round $6.50 on the time of writing. From a technical perspective, it seems has but to achieve the power for a big motion.

Chainlink seems to be consolidating inside a parallel channel on its hourly chart. Every time the token reaches the channel’s higher boundary, it retraces to the decrease boundary. From this level, LINK tends to rebound once more, which is per the traits of a channel.

The current rejection at $7.20 seems to have inspired merchants to exit a few of their positions. Additional promoting strain might push LINK to the channel’s decrease trendline at $6.30 earlier than a rebound to the channel’s higher trendline at $7.50 happens. Nonetheless, it stays to be seen whether or not Chainlink can maintain above assist.

Failing to maintain the $6.30 degree as assist might set off a bearish breakout. The parallel channel’s width added to the breakout level suggests {that a} breach of assist may end up in a 15.7% correction towards $5.30.

Disclosure: On the time of writing, the writer of this piece owned BTC and ETH.