Chainlink Lost Its Key Price Support As BTC Hits $10,000

Chainlink lost its key price support once Bitcoin surpassed the $10,000 resistance as we are reading more in the Chainlink news today.

After the harsh 10% drop, Chainlink will go on another decline further despite the team’s efforts to stay true to the long-term roadmap. Enthusiasm around the Bitcoin current bull rally is shaking out the weak spots in the price of the asset. Chainlink secured a new partnership as well as to present its technology in the banking system so we’ll see whether this will have any impact on the price.

The new Chainlink partnership failed to boost interest among the investors as LINK broke below the key support level. If the selling pressure continues to increase, LINK will likely drop at $6. Chainlink will build the bridge between the banking system and the DeFi space thanks to the latest partnership but despite the announcement, the traders will be dumping their tokens for BTC to catch a new piece of the current rally.

Chainlink made headlines after joining forces with the Hyperledger-based project CenterPrime. The goal of the partnership was to share foreign exchange rate data from some of the biggest Korean banks with the Defi market sector. By implementing the decentralized oracles technology, the blockchain-based fintech applications will be able to create their own projects that are priced in the South Korean won:

“This integration with Chainlink marks a major breakthrough for the Korean fintech industry. For the first time in history, applications will be able to access decentralized foreign exchange rates compiled by the best banks in Korea.”

The CEO and the co-founder of SmartContract.com Sergey Nazarov affirmed that CenterPrime is mainly focused on working with the banking industry of Korea. Therefore, the cooperation will prove that the banks have a huge opportunity to join the “smart contract revolution”:

“I think banks can participate in the smart contract revolution and blockchain. How they are going to reinvent the global financial system is by the providing of various data and services to these financial products.”

While the announcement generated a lot of heat around the coin, Chainlink lost its key support and failed to stop the downtrend in the wake of the Bitcoin increase of about 8% over the past day. Ever since the all-time high of $9 back a few weeks ago, the decentralized oracle token entered a corrective phase where the price dropped by 27%. Losing the crucial area of support will translate into further losses since the next layer of support stands around $6.