Chainlink

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Chainlink (LINK) is taking a breather with what many may call a healthy correction. However, top market analyst Ali Martinez&nbsp;<a href="https://twitter.com/ali_charts/status/1723951370166767643" rel="noopener noreferrer nofollow">believes</a> there is a likelihood of a steeper fall for LINK in the short term. The decentralized Oracle protocol has&nbsp;<a href="https://coinmarketcap.com/currencies/chainlink/" rel="noopener noreferrer nofollow">shed 5.04%</a> of its price, now pegged at $15.35.
This slump shows Chainlink is not immune to a correction after a months-long period of surge. At the time of writing, Chainlink's 24-hour trading volume is down by 34.58% to $789,720,779. Despite this gloomy performance carried over from the weekend, Chainlink is&nbsp;<a href="https://u.today/chainlink-link-reaches-new-all-time-high" rel="noopener noreferrer nofollow">maintaining its outlook</a> for the week where it has grown as much as 23.58%.
In the analyst's analysis, the TD Sequential indicator presents a sell signal on both the daily, three-day, and Chainlink weekly charts. While LINK is not currently in the danger zone, Martinez believes a retracement to $12.5 cannot be ruled out. He went on to further note that should Chainlink bulls fail to secure this level, they can drag the price down toward the $10.5 support zone.
<blockquote>
 It looks like <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> is bound for a correction! The TD Sequential presented a sell signal on <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a> daily, 3-day, and weekly charts, anticipating a retracement toward $12.50. Failing to hold above this critical support area could extend the losses to $10.50.Looking to buy… <a href="https://t.co/jzk92ZFu25" rel="noopener noreferrer nofollow">pic.twitter.com/jzk92ZFu25</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1723951370166767643?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 13, 2023</a>
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It is worth noting that Chainlink has not retested the $10.5 level since Oct. 24, and chances are bulls will defend the current level.
<h2 id="banking-on-chainlink-staking-advantage">Banking on Chainlink staking advantage</h2>
For Chainlink, its on-chain metrics are not much of a focus for a community that wants a&nbsp;<a href="https://u.today/chainlink-link-shines-in-this-groundbreaking-swift-experiment" rel="noopener noreferrer nofollow">highly functional</a> Oracle protocol.
To push this sentiment in the right direction, many LINK proponents are bound to start banking on what the Chainlink Staking v0.2 upgrade will usher in for the ecosystem shortly. With a phased rollout set to commence this month, Chainlink Staking v0.2 will present a more sustainable and inclusive channel for LINK holders to help secure the network and get a better reward for it.
Chainlink also has many other crucial innovations like the Cross-Chain Interoperability Protocol (CCIP), a tool now being&nbsp;<a href="https://u.today/chainlink-link-goes-live-on-arbitrum-one-mainnet-key-benefits" rel="noopener noreferrer nofollow">integrated</a> by the likes of Arbitrum. With these solutions, Chainlink has what it takes to sustain its growth and chart a quick rebound from its current level.

Chainlink (LINK): Top Analyst Predicts What's Coming

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