In an audacious financial play, Carl Erik Rinsch, the director of Netflix’s sci-fi series “Conquest,” reportedly magnified a $4 million investment in Dogecoin to a whopping $27 million. This unexpected windfall is part of a larger, dramatic narrative involving Rinsch’s handling of the series’ budget.

Dogecoin Windfall And Extravagant Expenditure

Rinsch’s journey into the crypto realm began after he faced significant losses in the stock market. Financial records show that after receiving an additional $11 million from Netflix to support “Conquest,” Rinsch allocated $10.5 million to stock market ventures, primarily in pharmaceutical companies and the S&P 500. These risky options trades resulted in a loss of nearly $6 million in just a few weeks, leaving him with a little over $4 million.

In a bold pivot, Rinsch transferred the remaining funds to the cryptocurrency exchange Kraken, where he invested heavily in Dogecoin, a then-emerging digital currency inspired by an internet meme. His investment coincided with an extraordinary surge in Dogecoin’s value, culminating in him cashing out around $27 million in May 2021, as evidenced by an account statement seen by the Times.

Following this success, Rinsch reportedly expressed his gratitude in an online chat with a Kraken representative, saying, “Thank you and god bless crypto.” However, Rinsch’s windfall quickly translated into extravagant spending.

He embarked on a lavish spree, purchasing five Rolls-Royces, a Ferrari, a high-priced Vacheron Constantin watch valued at $387,630, and an assortment of luxury furniture and designer clothing. The total expenditure amounted to $8.7 million, as determined by a forensic accountant hired by Ms. Rosés, Rinsch’s then-wife.

The spending raised suspicions during Rinsch’s acrimonious divorce from Ms. Rosés. Her legal team speculated that these purchases might be an attempt to conceal his cryptocurrency profits. In response, Rinsch claimed in a deposition that these items were props for “Conquest,” funded by Netflix’s production money.

“Conquest” Is Written Off

Remarkably, Rinsch’s financial upswing stands in sharp contrast to the fate of “Conquest.” Netflix, having invested over $55 million in the series, has yet to receive a single completed episode.

Rinsch’s unconventional financial maneuvers and erratic behavior during the production have led to a standoff with Netflix. The streaming giant is now embroiled in a confidential arbitration process with Rinsch, who claims a breach of contract and seeks at least $14 million in damages. Netflix, contesting these claims, views Rinsch’s demands as unfounded.

Thomas Cherian, a spokesman for Netflix, highlighted the company’s extensive support for Rinsch’s series, noting the eventual decision to write off the project due to the realization that Rinsch was not on track to complete it.

At press time, DOGE traded at $0.0755.

In the midst of recent market fluctuations, Cardano (ADA) has attracted significant attention from both investors and analysts alike.

The cryptocurrency had a drop in value over the weekend, but it still managed to record strong gains—it has increased by about 50% in the last month.

This noteworthy performance has fueled heightened interest and speculation surrounding ADA’s potential for a substantial bullish rally in the foreseeable future.

Of particular focus for analysts are the critical resistance levels that ADA has consistently struggled to breach throughout the year.

Cardano Current Trading Price And Momentum

At the time of writing, ADA was trading at $0.38, up 3.7% in the last seven days, data from crypto market price aggregator Coingecko shows.

Even in the face of these challenges, ADA’s resilience and positive momentum have sparked discussions about the coin’s capacity to defy market uncertainties and pave the way for notable upward movements.

The native cryptocurrency of the Cardano has garnered significant attention in recent times as a result of its notable surge in price. On November 16, the asset’s value exceeded $0.40, marking the first occurrence since April 2023.

Meanwhile, in the wake of recent developments in Cardano’s staking landscape, there has been a noticeable uptick in rewards distributed to participants in the network’s staking programs.

This surge in rewards coincides with a proactive stance taken by bullish Cardano network participants, spurred by positive shifts in staking dynamics throughout the week.

In October 2023, Cardano experienced a substantial surge in staking activities, reaching a 90-day peak of 23.05 billion ADA coins staked on October 23. At that time, with ADA trading at approximately $0.27, the cumulative staking valuation soared to $6.2 billion.

At the time of writing, data from StakingRewards.com, a staking data aggregator platform, indicates that a total of 22.94 billion ADA coins are currently staked across diverse staking protocols, underscoring the ongoing vibrancy in Cardano’s staking ecosystem.

Certain analysts posit that this event may signify the initiation of a substantial rally, perhaps propelling the asset to a new record peak in the foreseeable future.

In light of the current volatility, analyst and cryptocurrency YouTuber LuckSide Crypto admitted that ADA’s price performance has fallen behind that of other significant cryptocurrencies. Nevertheless, he gave investors confidence that ADA will soon see big returns.

On-Chain Data And Cardano’s Upcoming Gains

LuckSide called attention to ADA’s ongoing efforts to break through the 40–41 cent area, which has proven to be a difficult barrier that it has faced all year long due to downward pressure.

Another analyst – the founder of Crypto Capital Venture, Dan Gambardello – suggested that ADA might be in a pre-bull run state right now and predicted that the coin’s price will soar months after the BTC halving, which is slated to take place in the spring of next year.

In particular, Gambardello forecast that in 2025, the token’s market value may soar to $400 billion, while ADA might reach an all-time high of roughly $11.

The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system. Explore the specifics of our involvement in the Cardano ballot. #CIP1694
(1/7) pic.twitter.com/HMKajPaXcX

— Cardano Foundation (@Cardano_CF) November 20, 2023

On-chain data indicate that Cardano is now in an upswing and that the altcoin is expected to continue its gains. Recently, the Cardano Foundation pledged to support the objectives of Cardano Improvement Proposal (CIP) 1694 by casting a vote with its wallet holding 11.42 million ADA tokens.

As the cryptocurrency landscape continues to evolve, the ongoing scrutiny and optimism surrounding ADA contribute to the dynamic narrative of its market trajectory.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

XRP price started a downside correction and tested $0.572. The price is now rising and might gain bullish momentum if it clears $0.642.

XRP started a downside correction below $0.650 and $0.620.
The price is now trading below $0.640 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $0.608 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair start a fresh rally if it clears the $0.642 resistance zone.

XRP Price Holds Key Support

After facing rejection near the $0.740 zone, XRP started a fresh decline. There was a move below the $0.70 and $0.650 support levels. The price even dived below the $0.60 support, underperforming Bitcoin and Ethereum.

Finally, the bulls took a stand near $0.572. A low was formed near $0.572 and the price is now attempting a fresh increase. There was a move above the $0.600 resistance. There was a break above a major bearish trend line with resistance near $0.608 on the 4-hour chart of the XRP/USD pair.

The price is now testing the 23.6% Fib retracement level of the downward move from the $0.7499 swing high to the $0.5723 low. On the upside, immediate resistance is near the $0.615 level.

The first major resistance is near the $0.642 zone or the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.7499 swing high to the $0.5723 low. A close above the $0.642 resistance zone could spark a steady increase.

Source: XRPUSD on TradingView.com

The next key resistance is near $0.682. If the bulls remain in action above the $0.682 resistance level, there could be a rally toward the $0.720 resistance. Any more gains might send XRP toward the $0.750 resistance.

Another Decline?

If XRP fails to clear the $0.642 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.588 zone.

The next major support is at $0.572. If there is a downside break and a close below the $0.572 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.540 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

Major Support Levels – $0.588, $0.572, and $0.540.

Major Resistance Levels – $0.615, $0.642, and $0.682.

Ethereum price recovered all losses and climbed above $2,050. ETH outperformed Bitcoin and might aim for more gains above the $2,120 resistance.

Ethereum remained strong above $1,930 and started a fresh increase above $2,000.
The price is trading above $2,020 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is up over 5% and the bulls could aim for more upsides above $2,100.

Ethereum Price Turns Green

Ethereum price remained well-bid above the $1,930 support after a steady decline post report of Binance settlement. ETH formed a base and started a strong increase above the $2,000 resistance.

There was a break above a major bearish trend line with resistance near $1,980 on the hourly chart of ETH/USD. The pair gained strength and climbed above the $2,020 resistance. It gained over 5% and outperformed Bitcoin. Finally, it tested the $2,100 zone.

A high is formed near $2,092 and Ethereum is now consolidating gains. It is testing the 23.6% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.

It is well above $2,020 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. The first key resistance is near the $2,120 level. A clear move above the $2,120 level could spark another strong increase.

Source: ETHUSD on TradingView.com

The next resistance is near $2,200, above which the price could aim for a move toward the $2,250 level. Any more gains could start a wave toward the $2,320 level.

Another Downside Correction in ETH?

If Ethereum fails to clear the $2,120 resistance, it could start a fresh decline. Initial support on the downside is near the $2,050 level. The next key support is $2,000 or the 50% Fib retracement level of the upward move from the $1,930 swing low to the $2,092 high.

The main support is now near $1,980. A downside break below the $1,980 support might trigger more losses. In the stated case, Ether could drop toward the $1,920 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,000

Major Resistance Level – $2,120

Synthetix (SNX), currently positioned as the 54th largest cryptocurrency, has been closely aligned with the overall market trend. Over the past 30 days, SNX has experienced a substantial uptrend of 60%, while its year-to-date performance shows an impressive price increase of over 108%. 

These notable achievements indicate the potential for continued bullish momentum for the decentralized protocol and its native token.

Significant Growth For Synthetix As Demand For On-Chain Derivatives Surges

Renowned cryptocurrency analyst and writer, Jake Pahor, has expressed a highly optimistic outlook on SNX, hailing it as the ultimate “picks & shovels play” in anticipation of the forthcoming bull market. 

Pahor highlights Synthetix’s pivotal role as the backbone for derivatives trading in the decentralized finance (DeFi) sector. The protocol has already amassed an annualized revenue of $54 million, serving as a platform that enables the creation and trading of synthetic assets such as commodities, stocks, and currencies.

While Synthetix may not have user-facing front-ends, it powers popular DeFi applications like Kwenta, Polynomial, dHedge, and Lyra. As the demand for permissionless trading of spot synthetics and on-chain derivatives of traditional assets continues to rise, Synthetix stands poised for significant growth in the coming years, according to Pahor.

Notably, a key driver of Synthetix’s success lies in the fees generated on every synthetic asset exchange, ranging from 0.1% to 1% (average 0.3%). These fees are directed towards SNX stakers, creating a rewarding incentive structure. 

SNX, sUSD, and eSNX are the three primary tokens utilized within the Synthetix ecosystem, each serving distinct purposes in staking, collateralization, and protocol functionality.

With a circulating supply of 326.5 million SNX tokens and a total supply of 327.2 million, Synthetix boasts a market cap of $1.14 billion, placing it at the forefront of the Synthetics category. The protocol’s treasury holds a healthy $145.96 million, including stablecoins, BTC/ETH, and its token SNX.

SNX Bulls Poised For Breakout Opportunity

Synthetix operates under the governance of four key bodies: Spartan Council, Treasury Council, Ambassador Council, and Grants Council. These councils’ Decisions and proposals are subject to majority votes from SNX stakers, ensuring a democratic and community-driven approach to protocol development.

It was established as Havven in 2017, a stablecoin protocol, the project rebranded in 2018 to become Synthetix, focusing on synthetic assets and derivatives trading. 

According to Pahor’s analysis, with a “strong ecosystem” of projects built on its infrastructure and a first-mover advantage, Synthetix has established itself as the market leader in the Synthetics category.

Furthermore, the impending release of Synthetix V3, including Perps, Base, and USDC, is expected to be a significant catalyst for the protocol. Additionally, the protocol’s DEX perps feature aims to compete with centralized exchanges, while the Infinex front-end promises a user experience akin to traditional CEX trading.

Currently, SNX is trading at $3.455, reflecting a significant 4.7% uptrend over the past 24 hours. This positive momentum follows a 31% gain over the last fourteen days. 

In the immediate future, SNX faces a crucial hurdle in surpassing the resistance level at $3.58, which is necessary to retest its recently achieved yearly high of $3.810. As SNX reached this high only a few hours ago, its next target is to surpass the $4 mark, a level not seen since August 2022.

On the other hand, if a short-term pullback or correction unfolds for SNX, it will be crucial for bullish investors to defend the $3.035 support level. Maintaining this level can sustain a favorable bullish trend throughout the remainder of the month.

Featured image from Shutterstock, chart from TradingView.com 

Bitcoin price trimmed all losses and climbed above $37,000. BTC is now eyeing a major upside break above the $37,750 and $38,000 resistance levels.

Bitcoin is showing positive signs and testing the $37,750 resistance.
The price is trading above $37,000 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if it clears the $38,000 resistance zone.

Bitcoin Price Regains Strength

Bitcoin price started a downside correction after reports of Binance’s settlement and CZ stepping down. BTC dropped below the $37,000 support. However, the bulls were active near the $35,650 support zone.

A low was formed near $35,645 and the price started a fresh increase. It trimmed all losses and climbed above the $37,000 resistance. There was a break above a major bearish trend line with resistance near $37,150 on the hourly chart of the BTC/USD pair.

The pair even broke the $37,500 level and tested the key hurdle at $37,750. Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. It is also above the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high.

On the upside, immediate resistance is near the $37,750 level. The main resistance is now forming near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 resistance.

Another Rejection In BTC?

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,150 level.

The next major support is $36,700 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,777 high. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $36,150 support in the near term. The next key support or target could be $35,650.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $36,700, followed by $35,650.

Major Resistance Levels – $37,750, $38,000, and $38,800.

Taking to X on November 22, one user, @kevinsekniqi, notes that the Avalanche C-Chain is burning roughly $12.65 of AVAX every second, a development that could be a massive boost for AVAX in the long term.

The surge in AVAX burning on the C-Chain is primarily due to the launch of inscriptions, which permit storing data on the Avalanche’s C-Chain, pushing the number of AVAX being taken out of circulation.

Avalanche Burning AVAX At Record Pace

@kevinsekniqi estimates that if the burn rate is maintained at spot rates, it could see approximately $400 million of the coin taken away from circulation. This could be a significant figure supporting AVAX bulls long-term since reducing supply at constant demand would naturally lead to price gains.

The heightened activity in recent days stems from the over 2.3 million daily transactions tied to users creating and transferring “ASC-20” tokens to inscribe data permanently onto Avalanche’s C-Chain. On average, the Avalanche C-Chain processes around 450,000 transactions daily. However, this figure has been changing in recent days, reading from on-chain data.

On-chain activity is up roughly 4X due to inscriptions, driving the network’s revenue as gauged by gas fees collected.

Through inscriptions, new use cases, as demonstrated in Bitcoin, around provable ownership and identity have emerged. Since Avalanche is a public ledger maintained by distributed validators operating nodes, gas fees must be paid. Part of the gas is burnt as part of Avalanche’s structure.

FTX Group Selling AVAX, Bulls Dominant

It is not immediately clear how the spike in the number of inscriptions on the C-Chain will impact prices. Though more inscriptions could support bulls, other external market factors should be considered. 

According to Scopescan data, FTX Group, a team tasked with managing FTX estate, recently sent 916,780 AVAX worth $20.7 million to Binance. Transfers to centralized exchanges are often interpreted as bearish. Following this, AVAX prices fell by 13% on November 21. 

Prices remain stable, and AVAX maintains an uptrend despite prices contracting this week. Looking at the developments in the daily chart, the coin roared 190% from October 2023 lows. It peaked at around $16 in November. 

At present, prices have cooled off, dropping by approximately 18%. Nonetheless, the uptrend remains. Any break above $16 could spur more activity, even lifting the coin towards August 2022 highs of around $30. 

In a recent statement, Dennis Porter, the co-founder and CEO of Satoshi Action Fund, expressed his belief that the year 2024 will mark a crucial turning point in the history of Bitcoin. 

Porter’s remarks amidst growing anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) and the highly anticipated halving event scheduled for April 2024. 

According to Porter, these events, combined with the efforts of the Satoshi Action Fund, have the potential to impact the price and adoption of Bitcoin significantly.

Satoshi’s Plan To Establish The US As Global Bitcoin Leader

Satoshi Action Fund, a non-profit organization dedicated to informing policymakers and regulators about Bitcoin, has actively shifted the narrative surrounding the world’s leading cryptocurrency. 

The fund aims to promote “hyper-Bitcoinization,” a term coined to describe the widespread adoption of Bitcoin as a global currency.

One of the primary goals of the Satoshi Action Fund is to advocate for the passage of pro-Bitcoin legislation in 10 different US states by 2024. According to Porter, these proposed laws would protect individuals’ rights to self-hold and mine Bitcoin, positioning the United States as a global leader in Bitcoin adoption and mining.

Interestingly, Porter envisions a future where bipartisan legislation empowers Bitcoin and fosters the growth of an emerging digital asset industry.

Recent developments in the Bitcoin ecosystem further bolster Porter’s optimism. The halving event occurs approximately every four years and is anticipated to reduce the rate at which new Bitcoins are created, potentially leading to increased scarcity and upward price pressure. 

Additionally, the long-awaited approval of Bitcoin ETFs by the Securities and Exchange Commission (SEC) has the potential to attract institutional investors and facilitate mainstream adoption.

BTC’s Path To New Heights

Renowned crypto expert Charles Edwards has boldly proclaimed that the recent liquidation of fear, uncertainty, and doubt (FUD) surrounding the crypto market will pave the way for a significant price rebound. 

Edwards believes that the culmination of recent developments, particularly the Binance news, will eliminate sources of FUD accumulated over the past two years.

The market has been gripped by panic triggered by headlines associating the term “guilty” with cryptocurrencies. However, Edwards suggests that the recent news concerning Binance should be viewed more as a settlement rather than a detrimental event. 

Edwards points out that five years ago, exchanges were not compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations, whereas now, they have implemented these practices. Consequently, Edwards believes that the lingering FUD surrounding Binance can finally be restored.

Looking ahead, Edwards highlights several positive catalysts on the horizon for BTC. These include the potential approval of ETFs, the upcoming Bitcoin halving event, expectations of lower interest rates, and the possibility of a recession leading to increased quantitative easing (QE).

Edwards concludes by envisioning a “Bitcoin liquidity atomic bomb” waiting to explode. With the elimination of FUD and a series of positive triggers aligning, the market is poised for a substantial rebound. 

The convergence of ETF approvals, the halving event, accommodative monetary policies, and a potential recession are expected to propel Bitcoin to new heights.

At the time of writing, Bitcoin (BTC) is trading at $36,500, experiencing a slight decline of 2.2% over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

A Binance critic, “Whale Wire,” on X, who also claims to be a crypto whale, has issued a bold prediction that BNB, the native currency of the BNB Chain and which is used to incentivize trading activity on Binance, could plunge 95% to under $5 in the coming months. 

Regarding Binance agreeing to pay $4 billion in fines related to legal settlements with U.S. regulators, Whale Wire argued that tighter oversight will supposedly “destroy Binance’s entire business model.” He further contended bankruptcy could be imminent as the effects of the BNB lead to a contagion.

Will The BNB Price Flash Crash?

However, while increasing regulatory oversight, wind-downs, and decreased risk tolerance among traders have impacted volumes, Binance remains the world’s largest crypto exchange by client count and still facilitates the most trading globally by a wide margin as of writing on November 22. 

For context and pulling data from CoinMarketCap (CMC), Binance continues to dominate spot crypto trading, generating over $14.7 billion in average trading volume, over 6X Coinbase, with $2.3 billion, and ahead by huge margins from Kraken, which draws 41.2 billion. The same trend can be observed in derivatives trading, where Binance leads ahead of OKX.

BNB also remains firmly among the top 5 cryptos in the market cap. Besides USDT, BNB is the third largest coin by market cap, leading other altcoins, including XRP, Solana (SOL), and Cardano (ADA). 

Besides its dominance, Binance has been given over a year to pay assessed fines. Meanwhile, its new CEO, Richard Teng, said the exchange will continue to enact compliance overhauls. At the same time, it is assuring clients that funds remain safe.

Considering the exchange will continue operating both in the United States and globally, the transitional window offered by the DOJ could make its collapse, and that of BNB, unlikely.

Binance Under Pressure, Trading Volume Falling 

Even so, factoring in dropping trading volume in 2023 and the impact of losing users, especially in areas Binance pulled out from, the resulting dip in revenue could, at the end of the day, apply downward pressures on BNB. Thus far, Binance sold its business in Russia while exiting Canada and the Netherlands. 

Presently, $200 remains a critical support level for BNB. Whether this line will be retested in the months ahead remains to be seen. Changing hands at around $230, BNB is technically in an uptrend in the shorter time frame. It is up 15% from October 2023 lows. However, it is still down 65% from 2021 peaks when it soared to around $670.

Chainlink has registered some drawdown and has recently retested the $14 level. Here’s what might happen if support holds at this mark.

On-Chain Data Suggests Resistance Is Thin At Higher Chainlink Levels

As pointed out by analyst Ali in a new post on X, Chainlink is currently in a critical on-chain demand zone. In on-chain analysis, a price range is defined as major support or resistance based on the number of investors or addresses that bought their coins inside the said range.

To any holder, their cost basis is naturally fundamental, as their profit/loss situation can flip whenever the cryptocurrency retests it. For this reason, an investor becomes more likely to show a move whenever such a retest takes place.

If the holder had earlier been holding a loss, but the price has now risen and reached its equilibrium point, they might lean towards selling. This is because they might fear their holdings would go into loss again shortly, so exiting at break-even wouldn’t sound like a bad idea.

The opposite can be true when the retest occurs from above: the investor might be willing to buy more, thinking that if this same cost basis proved profitable earlier, it would do so again soon.

A single investor making such buy or sell moves is insignificant for the rest of the market, but if many investors share the same cost basis, the asset could feel a sizeable reaction when the price retests the level.

Now, here is a chart that shows how the Chainlink ranges around the current price look in terms of the density of investors who bought inside them:

As displayed in the above graph, the Chainlink levels from $13.8 to $14.2 host the cost basis of about 11,470 addresses, which acquired 23.45 million LINK inside this range.

This range is notably thicker than any other range immediately below or above the asset’s current price. LINK has been floating around this range recently, meaning it has been retesting this major support zone.

From the chart, it’s apparent that the ranges above don’t contain that many investors, so in theory, a move toward the higher levels shouldn’t be too hard for the asset.

However, the trouble would be if this support area is lost and LINK slips under it for an extended duration. This dense zone will turn into a resistance wall if this happens, making it hard for the cryptocurrency to recover above it.

Ali notes, though, that if Chainlink can remain above this zone, the price could climb towards new highs for the year 2023.

LINK Price

Chainlink had slipped below this range just earlier, but the asset was quick to recover above it, implying that it’s still holding up as support.