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Chainlink fell by 5% on Wednesday amid a staking feature launch
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The cryptocurrency has set $6 as the important support zone
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LINK could continue to slide further, but whale accumulation is a bullish trigger
Chainlink (LINK/USD) staking is now here. According to a tweet on the official Twitter account, Chainlink Staking v0.1 is live on the Ethereum mainnet. The early access program is stated to be available to about 25 million, who can stake and earn rewards. Chainlink says adding the staking feature will improve the network’s security and attract more users.
Apparently, Chainlink staking has been a much-anticipated development. Investors bought LINK massively when the blockchain announced Chainlink 2.0 Economics with the staking service back in April. That underlined the enthusiasm around the new feature, which kicked off on December 06. Consequently, on-chain data shows that whales are accumulating LINK.
According to Santiment, whales and sharks hold the largest percentage of Chainlink tokens in supply in five years. The large investors have accumulated 26.8 million LINK worth $194.3 million in the last two months. That represents an increase of nearly 13%.
Conversely, in the past two months and extending to May, LINK price has defended the $6 support level. The level has become so crucial that buyers have arrested the decline quickly every time sellers try to break below. To buyers, this is the most important level to buy LINK and hold ahead of a potentially explosive move. But as the staking feature launches, LINK has fallen slightly and was down by an intraday of 5%.
LINK struggling at the moving averages
A technical outlook shows LINK trading at or slightly below the 20-day and 50-day moving averages. The RSI has shifted to below the midpoint, suggesting the entry of sellers or profit-taking by buyers.
What next for LINK?
We remain bullish on LINK as long as $6 support continues to hold. With increased buying, it is just a matter of time before we see a bullish LINK. A recovery could occur at the moving averages or $6 support. Wait for bullish reversal signals to buy LINK.
Where to buy LINK
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
OKX
OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.
OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.
On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.
The post Finally! Chainlink gives early access to its staking feature. Who has an edge now? appeared first on CoinJournal.