Chainlink’s SmartCon event is currently ongoing, and the team launched its Build program. However, LINK has been underperforming over the past few days and could dip even lower.
The cryptocurrency market continues its poor performance this week. The total market cap has declined by less than 1% so far today and currently stands around $925 billion.
Bitcoin is struggling to stay above the $19k support level and is down by less than 1% in the last 24 hours. Ether is also down by less than 1% and is struggling to maintain its position above $1,300.
LINK, the native coin of the Chainlink ecosystem, is down by more than 8% in the last 24 hours. LINK’s poor performance comes despite the ongoing SmartCon event by the Chainlink team.
1/ #Chainlink BUILD is a new Economics 2.0 program accelerating the growth of Web3 projects.
In BUILD, projects commit to provide network fees & other incentives to Chainlink service providers in exchange for enhanced support from the Chainlink ecosystem.https://t.co/uIUNQltMbO
— Chainlink (@chainlink) September 28, 2022
Chainlink announced the launch of the Chainlink Build program a few hours ago. Chainlink BUILD is designed to accelerate the growth of early-stage and established projects within the Chainlink ecosystem by providing enhanced access to Chainlink services.
Key levels to watch
The LINK/USD 4-hour chart is turning bearish as Chainlink has been underperforming over the last 24 hours.
The MACD line is within the neutral zone but could fall into negative territory before the end of the day. Hence, indicating a strong bearish trend within the LINK market.
The 14-day relative strength index of 46 shows that LINK could enter the oversold region if the selloff continues.
At press time, LINK is trading at $7.643 per coin. If the selloff continues, LINK could drop below the $7.053 support level over the next few hours.
Unless the bulls defend the broader market, LINK could trade around $6.6 for the first time in a week.
However, the bulls could regain control and push LINK towards the $8.051 resistance level before the end of the day. Unless there is an extended bullish run, LINK should steer clear of the $8.453 resistance level in the near term.