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Robinhood listed Chainlink’s LINK on Tuesday.
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LINK’s price rose by 9% but has lost by a similar percentage.
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LINK sits at support, but bearish pressure is on.
On June 29, Robinhood announced that it had listed Chainlink’s token LINK/USD. The price popped up to 9% following the announcement. However, since then, LINK has lost by a similar margin.
Chainlink’s LINK price reaction underlies the innate volatilities of cryptocurrencies. It shows that cryptos are yet to escape the bear territory. Thus, investors would be better off trading short-term opportunities. Besides, listing at Robinhood comes when the brokerage firm is under pressure. Trading volumes on the online trading platform have crashed together with the bearish market. We find that the listing has little fundamental significance as long as weak sentiment remains.
Chainlink is a decentralized blockchain with nodes or oracles for data transfers. The network enables data and information transfers from off-blockchain sources to on-chain smart contracts. The process solves the reliability issues faced if a single centralized data source is used.
Just like any other cryptocurrency, Chainlink’s LINK has faced volatility. It is safe to say that the crypto has failed to replicate prior gains. The token’s high remains at $52 in May 2021, while the current trading is at $6.2. In early June, the blockchain announced its long-term road map called Chainlink Economics 2.0. The road map highlights a new era of security and growth, including introducing staking. LINK’s price recovered strongly, but weakness persists.
LINK sits at support as price crashes after initial Robinhood optimism
Source – TradingView
LINK sits at support of $6.2 after shedding Tuesday gains. Bearish pressure remains as the Robinhood listing fails to give lasting impacts. We do not recommend a buy at the current level.
Summary
Chainlink’s LINK rose and fell again after listing at Robinhood. The crypto token is bearish at key support. Buyers should be aware that the token could fall further.