Chainlink announces staking in December as LINK price uptrend comes undone

  • Chainlink price back on the drawing board after snapping out of a $10.00-bound bullish move.
  • Users to start staking Chainlink in December as the network enters a new era of security and scaling.
  • LINK price could sprout again, but bulls must defend the support at $6.00.

Chainlink price is yet to escape the selling pressure traversing the crypto market. The oracle price feed token tumbled after running into resistance at around $9.50. Although tentative support at $8.00 could have absorbed the selling pressure, the entire crypto market generally sustained losses emanating from a bank run-like withdrawal on FTX exchange.

Read more: Binance acquires FTX to bring an end to FTT-induced FUD

Chainlink staking to go live in December

Chainlink Staking v0.1 is already available but only to selected users who are privileged to get early access. According to the network, “community members can use the App to check if they qualify for a chance to participate in the early staking phase of v0.1.”

The new staking feature marks an inflection point in the growth of Chainlink, as it allows the protocol to increase its contribution to the crypto economic security – especially in Web3. Sergey Nazarov, the co-founder of Chainlink, says that staking on the platform is centered around fundamental long-term goals.

“Ultimately, the introduction of Chainlink Staking represents a new era of network security that helps scale Chainlink into a global standard with a growing and sustainable user base,” the team explained via a Twitter post.

Chainlink price in the red, but not for long

Chainlink price tested the lower limit of a range channel it has respected since early May when it plunged to $5.30. Due to the demand at that level, LINK has slowed down its downtrend and is trading at $6.82 at the time of writing.

LINK/USD daily chart

In addition to holding above the channel’s support, as highlighted in the chart above, LINK must regain the position above $7.00 to increase investor confidence in its recovery potential to $10.00.

Meanwhile, bullish traders should treat Chainlink as untradeable since the Moving Average Convergence Divergence (MACD) may confirm as a sell signal.

Traders looking forward to shorting Chainlink price further can do so as soon as the 12-day Exponential Moving Average (EMA) (in blue) crosses below the 26-day EMA (in red) for possible take-profit positions at $6.00, $5.50 and $5.30, respectively.

 

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