- LINK/USD trades around $23.4.
- Closest support below $22.
- Resistance still around $25 – $26 area.
Chainlink price prediction today is bullish. LINK/USD has continued to set higher highs along the 100 period moving average on the 4-hour chart.
Cryptocurrency heat map by Coin360
The overall market remains in the green as most majors experienced a strong rally earlier today. LINK currently seems to be the only one with a negative 24-hour price action when compared with the rest of the altcoins
Chainlink currently has slowed down, which is only natural after the spike in price seen yesterday. Chainlink set a new higher low as LINK/USD tested the $20 support.
LINK then spiked towards the $24.5 area before reversing to the downside again. Since then, Chainlink has been consolidating in preparation for the next move, hopefully, to the upside.
Chainlink has traded with a volume of almost $4 billion today. The range has been relatively small – $22.11 to $24.20. Overall, Chainlink has established a solid base for the next wave to the upside over the last 24 hours. Therefore, the analyst expects Chainlink to increase in volatility and move higher once again in the upcoming 24 hours.
Chainlink price chart by TradingView
As mentioned in our previous Chainlink price prediction, the $20 support was indeed the level to watch. LINK/USD did reverse just above it, although the 61.8 percent Fibonacci retracement acted as a powerful support and rejected the price shortly after being tested.
Additionally, the 50 period moving average blue line also offered strong support in confluence with the 61.8 percent Fibonacci retracement level. This support area helped Chainlink to set another higher high above the $20 mark. Therefore, Chainlink continues to trade in bullish momentum.
Currently, the critical level to watch is the previous all-time high at 25.8, which would likely cause Chainlink to move further towards the $30 mark if broken. The $30 area is crucial as it is a psychologically significant round number and is in confluence with the 50 percent Fibonacci extension. If Chainlink can reach this target from the current price, traders could bag just under 30 percent for a long position.
Chainlink could continue to consolidate for some time and drop even lower. Another retest of the $22 mark is likely and would offer even better entry in terms of risk/reward. However, if LINK does break below this horizontal local support, the cryptocurrency could turn bearish once again. Therefore, the $22 mark could be used as a mark for stop-loss orders.
The next support area to look for is around the previous significant swing low of $17. Hopefully, Chainlink would not have such a massive retracement, as it would completely invalidate the current bullish momentum. If the $17 support area breaks, the analyst expects a much larger, mid-term trend reversal.
The Chainlink price prediction is bullish as the price action has set up a good base for moving higher. Target to watch for at first is the previous all-time high of $25.8. Further on, the analyst expects no clear resistance until the psychologically critical $30 price mark. The $30 level is also in confluence with the 50 percent Fibonacci extension. Therefore, it could be used as a profit target for any potential long position that has already been or could potentially be made.
Alternatively, support to watch right now is the $22 mark. If the support is broken, Chainlink will see a lot more downside in the coming days.
For further reading, see opinion on the health of Bitcoin during the current market conditions or see an article on how there is an increasing number of female crypto investors in the UK.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Associated Press Will Utilize Chainlink To Record Real-World Data on Various Blockchains
The Associated Press (AP) is tapping decentralized oracle network Chainlink (LINK) to make its data accessible on leading blockchains.
Chainlink serves as a bridge that can bring off-chain information to blockchains and smart contracts.
The news agency says it’s launching a Chainlink node that will enable it to supply and directly sell datasets on US political elections, economic data, sports results, and business financials that can be used by applications running on blockchains.
The AP’s announcement comes amid the increasing popularity of smart contracts, which are designed to be tamperproof programs that automatically execute outcomes when certain conditions are met.
According to the AP, Chainlink can play a role in automating blockchain processes such as alerting markets about calls on political races, initiating on-chain trades when companies release their financial records, and updating the appearance of non-fungible tokens (NFT) based on real-world events.
In 2020, the AP also teamed up with decentralized knowledge platform Everipedia to publish US election calls on the Ethereum blockchain.
AP’s director of blockchain and data licensing Dwayne Desaulniers says,
“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data.
Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.”
Chainlink’s native token is currently the 16th largest crypto asset by market cap. At time of writing, LINK is trading at $29.28, according to CoinGecko.
Chainlink Whales Now Hold Almost 25% of Supply: Here’s Why It Might Be Concerning
The number of Chainlink whales is on the rise in accordance with the price
Chainlink’s 14% run on the market did not end with price action only. Following the price increase, the number of whale-tier wallets also increased and reached a four-year high, according to Santiment. While the supply is tied more to whale-tier addresses, in the correction period, retail traders and investors may face significant losses due to increased potential selling pressure.
According to the chart provided, we can clearly see a negative correlation between the increasing number of whales and the negative price action that took place from May to July and September.
Previously, Chainlink’s prices stayed at the $52 peak with whale-tier addresses staying at 23.9%. After the sell-off on the cryptocurrency market, LINK lost close to 70% of its value with whale-tier addresses dropping 8% of their total holdings.
With the progressive increase in the number of whales on the market, in periods of correction, the market faces increased selling pressure incoming from the aforementioned wallets. The same might be present on the market whenever a more significant correction hits the market.
According to data from various exchanges, Chainlink is becoming a “victim” of large-volume sell-offs, which lead to a 50% correction inside of one daily candle. Such a trend in the number of whale-tier addresses may raise concerns among investors.
Associated Press (AP) Will Run a Chainlink Node To Guarantee The Reliabitliy Of Its Data
The Associated Press (AP) is running a Chainlink node, providing smart contract developers with on demand verifiable data from a reputable source.
The challenge of getting a reliable source of data has been a perennial problem in the journalism business. Ever since the first information broadcast media was born, the world has had to rely on the integrity of those who provide the data. But that could change now that Chainlink is harnessing the power of decentralization, and the Associated Press (AP), one of the world’s largest news agencies, is beginning to move in that direction.
AP is running a Chainlink node and will begin uploading a significant set of data, leveraging Chainlink’s technology to guarantee the reliability of its information.
Chainlink and AP News: A Partnership That Makes Sense
According to information shared by AP in a press release, the agency will share data related to U.S. race calls, economic facts, sports game outcomes, and business financials. The data will be cryptographically signed to verify its authenticity.
This is not the first time AP has used blockchain technology to ensure the integrity of its data with the world. Already last year, AP collaborated with Everipedia to upload the U.S. presidential election results on Ethereum’s blockchain.
Also, AP issued an NFT in early 2021 and is doing multiple experiments on the application of decentralized technologies in the art scene.
Dwayne Desaulniers, AP director of blockchain and data licensing, said in the Press Release that the technology developed by Chainlink was ideal for AP’s vision of broadcasting reliable data across the world.
“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data. Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.”
William Herkelrath, managing director at Chainlink Labs, also applauded the decision, saying it made sense for AP to launch a Chainlink oracle node, considering its level of influence and the amount of information it provides to the world constantly.
Why Does It Matter?
AP is a news agency that has been in continuous operation since 1846. It is a reliable source of information worldwide with prestige and reach comparable to other agencies of the likes of Reuters, BBC, or EFE.
Chainlink is a global provider of decentralized oracles. Chainlink’s vision is to ensure that information circulating outside the blockchain can be transmitted on-chain via smart contracts, rewarding the veracity of the nodes and sources similar to how the Bitcoin network rewards good miners. Any information can circulate via Chainlink, from price feeds to the results of a soccer game.
My god how the years fly by, from 28 ecosystem participants to now over 870+ integrations (31x growth) with over 90% oracle market share 32 months later
— ChainLinkGod.eth 2.0 (@ChainLinkGod) October 20, 2021
With AP running a Chainlink node, the information it uploads and digitally signs is verifiable by any other participant in the network and can be used to make decisions almost instantly. For example, a betting website could use AP data to guarantee the results of games on which its customers bet, or a political analyst could change election strategies depending on the results of a particular poll.