• Tue. Oct 4th, 2022

How likely will Robinhood’s listing support Chainlink’s token as price pumps?

ByNdasi Tata

Jun 30, 2022
1645566644047 417b3f7b c792 42ff b60a d5d0dfc14627
Chain Link Image on a cell phone

  • Robinhood listed Chainlink’s LINK on Tuesday.

  • LINK’s price rose by 9% but has lost by a similar percentage.

  • 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

1656525944917 c70a2a63 72fc 46df b72b ccb82bdaaddeSource – 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.

The post How likely will Robinhood’s listing support Chainlink’s token as price pumps? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

Need Help?
Scan the code