Chainlink (LINK/USD) has returned to the consolidation zone, trading between $6 and $8. Last week, the token surpassed $8 to $9.45, indicating a potential bull run. LINK is back in the consolidation zone after a crypto crash. But how do the most recent developments assist?


Chainlink Economics 2.0 has been billed as a game changer in terms of LINK staking. Chainlink 2.0, for example, promises a new era of cryptoeconomic security, value, and long-term growth. The advancement is critical to increasing the adoption of DeFi services and the Web3 ecosystem. Chainlink Economics 2.0 is built around LINK staking.

As previously stated, the Chainlink community has been preparing for LINK staking. Chainlink developers announced on November 9 that the staking service is on track to launch in December. Starting Monday, stakers can check their eligibility.


The information about LINK staking could at least help the token as the market remains bearish. The following is the technical 

Chainlink retests the consolidation channel's bottom at $6.

As the price fell, Chainlink retested the $6 support level. The token is recovering, but we cannot make a bull call at this time. The $8 resistance level remains critical, as the token has been resisted numerous times at that level. Despite remaining in control, the RSI shows some upside.

Should you purchase Chainlink right now?

The fundamentals of the Chainlink token are favourable. The token, however, is submerged in the broader bear market.


Although bulls have successfully defended the $6 support, the price recovery may be limited below $8. This could allow LINK to consolidate further before a sufficient number of buyers enter the market to force a breakout above the resistance.

Where to Purchase LINK

Binance

Binance is one of the world's largest cryptocurrency exchanges. It is better suited to more experienced investors and provides over 600 cryptocurrencies to choose from. Binance is also known for having low trading fees and a wide range of trading options for its users, including peer-to-peer trading, margin trading, and spot trading.


Buy LINK with Binance right now.

Coinbase

Coinbase is a cryptocurrency exchange that operates on a global scale. Its platform is well-designed for new investors, and it provides a diverse range of coins, with over 100 to choose from. Coinbase has high-level security built into the platform, as well as a variety of features to use, and it provides its users with options for storing their cryptocurrency, such as the ability to store coins on the Coinbase exchange.


Purchase LINK with Coinbase today.

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