- Chainlink price has dropped below the $25 psychological level.
- The Bollinger Band shows decreasing price volatility.
After encountering major resistance at $32, the Chainlink price has crashed to $24, dropping below the $25 psychological level over the last five days. Before that, LINK has been hovering horizontally around $32 between June 1 and June 3.
Chainlink Price Breaks Below $25 Psychological Level
Due to this crash, the Chainlink price has flashed three separate sell signals:
- The 20-day SMA has reversed from support to resistance.
- The Bollinger Band has started constricting to show decreasing price volatility.
- The MACD has reversed from bullish to bearish.
Image: LINK/USD daily
Now, let’s look at Into The Block’s IOMAP, we can see that the Chainlink price faces healthy support at $23. Previously, at this level, nearly 14,000 addresses had purchased almost 3.86 million LINK tokens.
Hedera Hashgraph And Chainlink
Hedera Hashgraph’s mainnet recently upgraded to v0.14.0. In a move towards decentralization, the upgrade brought two pre-existing nodes, 13 and 15, online. The upgrade also included two brand new nodes, 20 and 21, partly operated by Chainlink Labs.
Hedera is a public distributed ledger built for the development and deployment of dApps and microservices. The distributed ledger runs atop their distinctive hashgraph consensus algorithm. It consists of permissioned nodes under the Hedera Governing Council, “a group of term-limited enterprises that lead the network’s direction.”
The network aims to morph into an entirely permissionless model. The addition of the Chainlink node in the recent upgrade is a step in this direction. One of the most notable features of Hedera’s v0.14.0 upgrade is the addition of two nodes (20 and 21) partly operated by Chainlink Labs.
The developers provide secure distributed ledger middleware that enables users to leverage smart contracts. The network will provide Chainlink integration with the Hedera Token Service (HTS). This development marks the ledger’s move towards a fully permissionless model, as Chainlink steps into the ecosystem and onboarded to the Council.
In a statement on Twitter, the smart contract provider announced the partnership, which aims to “bring its proprietary agricultural data on-chain, enabling sustainability-focused DeFi & insurance dApps based on farm credit assessment scores & land monitoring reports.”
Chainlink Price Is Expected To Reach These Levels
The Chainlink price is breaking towards the $23 support wall. A break below this line will take LINK to the $20 psychological level. However, the decreasing price volatility could prevent such drastic drops from happening.