Chainlink Price Drops 12% Despite Ripple-Chainlink Stablecoin Partnership – Will LINK Rebound to $30

Highlights:

• Chainlink price falls 12% to $20.66 as the crypto market dips as a whole. 
• Ripple has adopted the Chainlink standard to access highly secure and reliable pricing data for the recently launched Ripple USD (RLUSD) stablecoin.
• With the recent developments, can LINK rebound to $30 soon?

The Chainlink price has dropped to $20.66 today, marking a 12% dip in the past 24 hours as the crypto market as a whole plummets. This move puts LINK up by 2% in a week, although it remains down by 18% in the last 30 days, following early profit-taking from investors.

Meanwhile, several projects have been attracted to Chainlink’s new standard for crypto security. The newly released Ripple USD (RLUSD) is another big token that joined the network and will provide quality off-chain data. 

.@Ripple has adopted the Chainlink standard to access highly secure & reliable pricing data around the recently launched Ripple USD (RLUSD) stablecoin.

Learn how Chainlink Price Feeds are set to accelerate the adoption of RLUSD across the DeFi ecosystem: https://t.co/BKJIgG0mpS

— Chainlink (@chainlink) January 7, 2025

LINK Statistical Data

Based on CoinmarketCap data:

• LINK price now – $20.66
• Trading volume (24h) – $1.05 billion
• Market cap – $13.18 billion
• Total supply – 1 billion
• Circulating supply – 638.09 million
• LINK ranking – #14

LINK Aims for a Breakout Above the Symmetrical Triangle

The Chainlink price joined other cryptocurrencies, dwindling a dead weight in the air, as US bond yields surged to their highest levels in about two years. LINK, the biggest oracle network in crypto, fell to $20.81 as of writing, down about 33% from its highest point in December. Can Chailink price rebound anytime soon?

The daily chart shows that the LINK price hit $30.72 in December and has now plummeted to trade at $20.81. During this crash, the token breached below the key support level at $22.43, showing increased bearish sentiment. This has led to the formation of a symmetrical triangle in the LINK market. Often, this pattern formation suggests that a market is consolidating or that volatility is decreasing and may soon break out in either direction.

Chainlink’s technicals are sending mixed signals about what to expect in the near term. However, the odds tend to lean to the downside. The Relative Strength Index (RSI) has plunged below the 50-mean level, currently at 43.14. This suggests that the bears have the upper hand, and the increased selling pressure may see the token plunge to the 30-oversold territory.

The MACD indicator also paints a bearish picture, bolstered by the MACD line (-0.2146) crossing below the orange signal line (-0.0337). This indicates that the selling pressure in the market is mounting, and Chainlink’s price may break down.

Can Chainlink Price Rebound to $30?

From a technical standpoint, as seen in the daily chart above, Chainlink’s price is bound to fall in the next few days before a rebound. More downside will be confirmed if it drops below the $19.98 support level. A breach below this level will be a sign that bears have prevailed and will lead to more downside, potentially to $17.33. 

On the upside, there are signs that LINK could rebound, bolstered by the long-term support level at $14.57. If the bulls could gain strength at this level, the Chainlink price could rebound, obliterating the $22.43 resistance zone. If this happens, Chainlink’s price may bounce back and later peak at $30.72.