The price of Chainlink has significantly decreased over the past few months, mirroring the broader trends in the altcoin market. However, the company continues to forge important partnerships and expand in the stablecoin sector.
Current State of Chainlink Market
Chainlink is currently priced at $13.12, down 26% from its May high and 57% from its November peak. This decline mirrors the general downtrend in altcoin prices.
Recent Partnerships and Their Impact
Chainlink announced a significant partnership with Mastercard, enabling users to buy cryptocurrency directly with cards. The partnership also includes companies like Shift4 Payments and Uniswap. Additionally, Chainlink is expected to play a key role in the stablecoin industry by providing a Proof of Reserve solution for accurate data representation. On July 2, the company also announced collaboration with Aktionariat, an equity tokenization platform utilizing the Cross-Chain Interoperability Protocol.
Technical Analysis of Chainlink Price
Technical analysis reveals mixed signals. On one hand, the price formed a double-bottom pattern at $10.9, indicating potential upward movement if it reaches $17.90. However, the token remains below the 50-day and 100-day moving averages, suggesting a bearish trend persists. A break below the $10.91 level would confirm a continued downward trajectory.
Despite existing partnerships and technical prospects, Chainlink faces significant market challenges, reflected in its current price. Investors will watch key support levels in the coming months.
