Chainlink (LINK) price retains an upward trend despite broader market instability stemming from regulatory issues at Binance Exchange and the ongoing discussion surrounding exchange-traded funds (ETFs). In the most recent, optimism surrounding the launch of the chainlink staking v0.2 priority migration propelled the LINK token bullishness, resulting in a surge over a significant support level.
Chainlink staking version 0.2 launches
The Chainlink (LINK) v0.2 migration is now operational. This update brings a staking platform that guarantees increased freedom for stakeholders. It also offers a dynamic rewards system, a modular architecture, and enhanced security guarantees.
The v0.2 upgrade launch, which represents the most recent iteration of the protocol’s native staking mechanism, begins with a nine-day “priority migration” period for current v0.1 stakers. These stakers are permitted to transfer their rewards and staked LINK tokens to v0.2 during this period.
The update is intended to gradually improve access for a wider range of users. Notably, the start dates for Early Access and General Access are December 7 and December 11, respectively.
Amid the excitement surrounding migration, Chainlink’s price is expected to rise by 10%.
At $13.750, the 25-day Exponential Moving Average (EMA) is offering support for the price of Chainlink (LINK). According to the Relative Strength Index (RSI) and the EMAs’ northward trajectory, the north is typically the direction with the least resistance.
A price excursion by Chainlink into the supply zone, which spans from $14.691 to $16.477, may be witnessed due to increased buying pressure. The price of LINK must break and close above the midline of the previously specified order block above $15.576 in order to validate the continuation of the trend north.
In an extremely optimistic scenario, the price of Chainlink might move a neck higher, turning the supply zone into a bullish breaker and testing the high of the $16.600 area. A move like that would represent a 13% increase over the current levels.
The RSI, which is veering to the north and showing increasing momentum, supports the bullish thesis. If this trajectory holds true, it will shortly cross over the yellow band signal line, which historically has resulted in a buy signal. A daring move north would then follow.
Additionally, the Awesome Oscillator (AO) is still strong and above the midline, indicating that bulls are leading the LINK market. These strengthen the bullish argument.
On the other hand, Chainlink’s price may quickly drop below the 25-day EMA, around $13.750, if profit booking takes place. This may expose it to support at the 50-, 100-, and 200-day moving averages, which are located around $12.276, $10.419, and $8.939, respectively. The market value of LINK may return to the highs reached in early October, at $8.148, or it may fall back into the consolidation phase above $5.565 if these levels of buyer congestion are not maintained.