The future performance of a cryptocurrency cannot be fully judged due to a crash, Bitcoin is an example. Since these market crash events bring with them strengths for the crypto ecosystem. Thus, it makes sense that Chainlink could gain traction in the market thanks to the role that DeFi is playing.
During this extraordinary growth that decentralized finance (DeFi) has experienced in recent days, many projects have managed to increase their relevance in the market, even more than others.
Chainlink is the cryptocurrency with the best performance in the last three months, occupying position 1 on the list of the most important DeFi projects in the world. The strength that the DeFi boom has given it is more than clear. Therefore, the chart of the day focuses on Chainlink.
Chainlink crashes in market for BTC, yet DeFi plays its role
LINK is not a new idea in the crypto market. Rather, since 2017 Chainlink has existed as one of the most promising DeFi projects. However, the cryptocurrency had been nothing more than a promise that did not finish materializing.
Until, thanks to the heyday that DeFi is experiencing within the crypto market this year, this project has become one of the most important cryptocurrencies in the world.
Multiplying its market capitalization, and positioning itself in all the headlines of the crypto community. However, despite its macro strength, Chainlink was unable to avoid the losses that occurred as a result of this move on the part of BTC.
Bitcoin fell to $ 10,299 as of this writing. This fall in the cryptocurrency par excellence in the market, has brought with it a general collapse in the last 24 hours.
Analysts are now noticing that Chainlink is trading at a crucial short-term level, which could have significant scopes for their outlook.
Well, they consider that focusing on the price region between $ 12 and $ 13.50, signaling that there is massive liquidity at that point, can slow down its decline and allow it to rise significantly higher. Thus, Chainlink can gain strength.
Chainlink to date
At the time of writing Chainlink is trading lower by more than 10% at its current price of $ 12.65. Its market capitalization is at $ 4.428 billion.
In addition to this, its position in the ranking of cryptocurrencies is at No. 5, remaining at the TOP of the crypto market.
Despite the crash, will Chainlink be able to continue its consolidation process as the leading DeFi project within the crypto world?