Chainlink experienced a significant surge following its partnership with Mastercard, showcasing the real adoption potential of its technology. However, LINK is currently facing short-term downward pressure that could challenge the sustainability of this momentum.
The price of Chainlink surged following the announcement of a strategic partnership with Mastercard. This partnership enables over 3 billion cardholders to directly purchase cryptocurrencies on the blockchain. This groundbreaking integration allows users to seamlessly convert fiat currencies into crypto. Chainlink’s technology verifies and syncs critical transaction data.
This news sparked eager excitement in the market, leading to a double-digit increase in LINK price. Investors welcomed this real adoption of Chainlink’s blockchain oracle technology, strengthening the project’s fundamental prospects. However, after this sharp rise, the momentum seems to be fading around a key resistance zone.
Currently, LINK is trading around $13.30, with a daily gain of +1.35% and a market cap of $9 billion. While the token displays this strength, the 24-hour trading volume has dropped by 7.18% to $532.35 million.
From a technical standpoint, the Relative Strength Index (RSI) at 63.28 is in bullish territory but approaching overbought levels, suggesting potential consolidation or a retracement. LINK is also near its immediate support at $13.30, a crucial level to defend against increased downward pressure. A break below this level would expose the token to deeper corrections, with targets of $12.80 and $11 in case of failure.
On the upside, a confirmed breakout above $13.73, followed by a push beyond $14.15, would invalidate the short-term bearish bias and pave the way for further gains. Until these levels are reached, the technical scenario remains bearish, with a short entry zone between $13.35 and $13.40 and a stop-loss at $13.86 to manage risk.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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