Despite the top coins showing a price decrease, Chainlink is up by 9.20%. It is trading at $2.18 at press time.
LINK Headed Towards a Price Rise
While the crypto market continues to struggle in the bear market, LINK price for the past two weeks has shown positive trends. Also, the previous month on September 7th, LINK was trading at $1.81. From there the coin first showed a bounce-back of 1.55%. If we take an account of the weekly trading chart, the coin gained strength of 12.27% rising from $1.71 on September 30th. Yesterday, the coin first declined by a margin of 2.23%. The coin shows immediate support at $1.97 and the prices will increase if it manages to break at resistance at $2.25.
Chainlink (Link) has recorded huge gains in the week recording gains of 25%. If the LINK/USD pair manages to sustain above $2.0531, the next level to watch will be $2.8498. Subsequently, it is likely that the price will pick up momentum. However, the pair may stay range-bound if the bulls fail to sustain the price above $2.0531.
Relative Strength Index (14) – 67.79430
Stochastic %K (14, 3, 3) – 84.11250
Commodity Channel Index (20) – 182.33689
Momentum (10) – 0.51263
MACD Level (12, 26) – 0.06424
Exponential Moving Average (5)- 2.06568
Simple Moving Average (5) – 2.04634
Exponential Moving Average (10) – 1.97247
Recent Developments on The Platform
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.
Also, Parallel Markets and Chainlink recently announced their integration to connect investor identity data to the Chainlink’s network.
Per the official announcement,
The combination of Parallel Markets and Chainlink will enable individuals to become accredited through Parallel and then assert that accreditation on the blockchain using Chainlink. This will be a major step forward for companies and people building fintech solutions in the blockchain space that require knowledge of participant identity and/or accreditation status.
Will bulls manage to sustain LINK price above $2.0531? Is LINK headed towards a bull run? 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.