The cryptocurrency market has stabilised over the past 24 hours, following Tuesday’s bearish performance. Bitcoin has reclaimed the $104k level after temporarily dropping to the $103k region on Tuesday. Altcoins are also faring better, with Ether approaching $3,500 once again. Chainlink’s LINK is down 2% in the last 24 hours, but could rally higher as ETF talks gain momentum. DTCC lists Bitwise’s spot Chainlink ETF LINK, the native coin of the Chainlink blockchain, is down 2% in the last 24 hours, making it one of the worst performers among the top 20 cryptocurrencies by market cap. The bearish performance comes despite the ongoing Chainlink Smartcon event and positive news regarding a Chainlink spot exchange-traded fund (ETF). The Depository Trust and Clearing Corporation (DTCC) has listed Bitwise’s spot Chainlink ETF under its “active and pre-launch” category. This is exciting news for the Chainlink community as the DTCC is a provider of post-trade clearance, settlement, custody, and information services in the United States. On the DTCC official website, the Bitwise Chainlink ETF is registered with the ticker symbol CLNK. The DTCC listing doesn’t guarantee that the ETF will be approved by the US Securities and Exchange Commission (SEC). However, it is considered a positive sign by market experts. Bitwise filed its S-1 statement for the ETF in August, making it the first spot ETF proposal for Chainlink. After that, Grayscale filed its Chainlink ETF proposal. The Bitwise LINK ETF doesn’t have plans to stake LINK tokens, but Grayscale’s fund may stake a portion of the LINK assets. Chainlink is currently one of the most widely used platforms in the crypto space. It is a decentralised oracle network that connects blockchains with real-world data, enabling smart contracts to access information like asset prices or other external events securely. LINK eyes $20 as technical indicators improve The LINK/USD daily chart is bearish and efficient as Chainlink has underperformed over the last few hours. However, the technical indicators have improved, suggesting that the coin could rally higher in the near term. The daily Relative Strength Index of 42 is approaching the neutral zone, indicating that the bearish trend is fading. The MACD lines are also close to the positive region, with a buy signal expected to flash in the near term. At press time, LINK is trading at $15.6 per coin. LINK has created a low at $14.9 a few hours ago, and this could serve as a strong support level in the near term. If the recovery continues, LINK could rally towards the first major resistance level at $18.1. An extended rally will see LINK hit the Inducement Liquidity (ILQ) level at $20.05 over the coming days. However, if the bearish trend persists, LINK could retest the November 3 low of $13. The post LINK eyes $20 as DTCC lists Bitwise's spot Chainlink ETF appeared first on Invezz
