Robinhood American retail company officially announced the listing of the cryptocurrency Chainlink (LINK) your platform. This is the first time the platform has listed new tokens since mid-April, when it added support for Compound, Polygon, Solana, and Shiba Inu. The new listing could help provide more liquidity to the Chainlink (LINK) token.
After listing the LINK token was up nearly 10% from a low of $6,70 to an intraday high of $7,25. However, a short time later the asset was down nearly 8%, and is now trading close to $6,40 at the time of publishing this article.
The recent rejection at $7,25 appears to have encouraged traders to exit some of their positions. Additional selling pressure could push the LINK to the channel's lower trendline at $6,30 before a rebound occurs to the channel's upper trendline at $7,50. Still, it remains to be seen whether Chainlink can hold above the $5,30 support.
Regardless, the decentralized oracle cryptocurrency appears to have the strength to continue trading above support and increase its trading volume within Robinhood.
