Chainlink’s price has recorded gains of 33% in this week. The monthly figures and the yearly figures are also quite impressive and stand at 29% and 568% respectively.
A Look At Price Charts
LINK price is showing positive price trends for the past two weeks. Considering the weekly trading chart the coin has gained a strength of 20.12% rising from $ 2.02 on the 2nd of October.
The coin is up by 18.05% in the 24 – hour chart. Price shows immediate support at $2.43 and the prices will increase further if it manages to break resistance at $2.8.
If the LINK/USD pair manages to sustain above $ 2.67, the next level to watch will be $2.984. After which the price is likely to pick up momentum. However, the pair may stay range-bound if the bulls fail to sustain the price above $2.7231.
Relative Strength Index (14)- 79.99317
Stochastic %K (14, 3, 3)- 93.94159
Commodity Channel Index (20)- 226.21438
Momentum (10)- 0.99639
MACD Level (12, 26) – 0.16512
Exponential Moving Average (5)- 2.42695
Simple Moving Average (5)- 2.36514
Exponential Moving Average (10)- 2.22407
Developments on the Platform
Recently, Chainlink presented the Trusted Compute Framework (TCF). The framework will bolster enterprise Blockchain adoption. Also, the advent of the TCF will solve scalability issues by executing the computation off-chain. The company’s blog post states,
Off-chain smart contract processing is more efficient than traditional blockchain transactions because it does not require replicated execution at each blockchain node.
Also, in a recent development, TomoChain integrated Chainlink Oracles to deploy Data-Driven Smart Contracts. The integration will help TomoChain to get real-time information. This, in turn, will also contribute towards TomoChain’s decentralized nature as it will allow developers to consume and transmit oracle-obtained data between smart contracts and run independently as node operators.
Meanwhile, the LINK price is up by 18.05 % over the last 24 hours, reaching its highest level since August. It is yet to reach its all-time high of $4.05 recorded on the 30th of June.
Will the LINK price soon reach $4.05? Will it establish a bottom before surging further? Let us know what you think in the comments below!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.