Chainlink is struggling to break past the $40 resistance point as the broader market stagnates following recent gains
The broader cryptocurrency market began the week positively, recording gains and recovering some of the losses incurred last week. The rally has now ended however, with Bitcoin and some other leading cryptocurrencies recording slower growth over the last couple of days.
Chainlink is also in this category. The 12th-largest cryptocurrency by market cap is only up by 0.2% over the past 24 hours. LINK has been trading around the $35 region and is finding it hard to break past major resistance at $40.
It will need the broader market to rally again if it is to surpass this barrier and aim to trade higher in the coming days.
Dusk Network to integrate with Chainlink
LINK’s struggles over the past 24 hours are despite the Dusk Network announcement of plans to integrate with Chainlink. The integration will see the decentralised finance (DeFi) ecosystem enjoy expanded privacy features. Dusk will leverage the price feed data from Chainlink’s oracle network to support genuine privacy in the DeFi space for secure and trusted cross-chain bridges.
LINK price outlook
LINK has been stuck at the $35 region for the past few hours, with bulls struggling to push it past the next resistance point.
If the trend continues, bears could regain control, leading to a massive price loss. At the moment, LINK is trading below its 100-day simple moving average at $36.53.
LINK/USD 4-hour chart. Source: Coinalyze
The MACD line is struggling to break out of its bearish zone, while an RSI in the neutral region means that the market could move in either direction. Barring a massive sell-off, bulls should be able to defend the $30 support point.
However, in the case of a breakout, the LINK/USD pair could move past the $40 resistance point and attempt a new all-time high at $45. However, it would need help from the broader cryptocurrency market as Bitcoin and other leading altcoins have stagnated in the past few hours.