Connect with us

Chainlink

Chainlink (LINK) Resumes Bull Rally – Prone to Attain New Highs

Published

on

Chainlink (LINK) has a great year-to-date return of more than 130 percent, after recently increasing in value to a new record-high of $27. In spite of the fact that the major gains took place within a short period, LINK is prone to increase even more.

Upward Trends Predicted

After a week-long consolidation period, the coin seems to have passed an ascending triangle that appeared on its 2-hour chart. Breaking past the $25.50 resistance line majorly increased the chances for LINK’s market value to increase by almost 28 percent towards 33 percent. This target is fixed by measuring the height of the triangle’s y-axis and adding it to the breakout mark.

In spite of the high possibility of an upward breakout, the Tom Denmark sequential indicator considers that LINK could retest the triangle’s x-axis. This technical indicator presented a sell signal in the form of a green nine candlestick on Chainlink’s 2-hour chart.

Advertisement

A recent increase in downward pressure appears to have confirmed the bearish formation – now, the coin could retrace further before the uptrend takes up again.

Sitting on Top of Stable Support

Although sell orders continued to appear, Chainlink-s downside potential could be more limited by the $24.55 support level, according to the IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model. Here, almost 9,000 addresses had previously bought more than 4 million LINK.

Such a major demand barrier may have the capacity to contain any attempt by the bears to manipulate LINK’s price action. The holders within this range who sit ‘In the Money’ may try to do everything to prevent their investment from reaching the red. They may even purchase more tokens to help LINK rebound to higher levels.

Advertisement

In the last 24 hours, Chainlink has pulled back to $25.75, which is also near the triangle’s x-axis at $25.50. Therefore, it is only reasonable to believe that the TD setup’s perspective has been completed, and now the coin is prone to attain new highs.

News Source

Advertisement

Chainlink

Chainlink Price analysis: Is bullish for the next 24 hours

Published

on

chainlink-Community-members.
  • Chainlink price analysis is bullish today.
  • LINK/USD saw a strong decline yesterday.
  • Support was found at $25.5.

Today’s Chainlink price analysis is bullish, given that we anticipate a retracement following yesterday’s significant fall. As a result, $LINK/USD is likely to resume its ascent and reach the $26.5 mark after surpassing the previous support at $25.5.

Yesterday we saw LINK/USD start to decline significantly after failing to surpass $30. This downward movement found support at $25.5, and now we expect intense bullish activity as strong supports are often followed by rebounds, rallies, and price increases. The nearest resistance lines lie at $26.5 and $27, representing essential price levels to watch out for should LINK/USD start climbing again.

That being said, other bullish indications support our theory of a rebound. The RSI indicator, for instance, is currently showing an uptrend with no signs of slowing down. As well as this, the MACD indicator is bringing positive news as it moves into the green zone.

So far today, LINK/USD has seen a decrease in value of 0.3%. This decline has found support at the $26 level, which appears to be an important price point. However, should this not prove to be accurate and LINK/USD begins plunging again, then the next support level lies at $25.5, which is an area that we predict will strengthen significantly soon.

Advertisement

In summary, our Chainlink price analysis predicts a solid bullish run as most indicators hint towards this activity. Furthermore, no indications suggest the opposite, meaning that LINK/USD should start surging after finding support at $25.5.

LINK/USD 4-hour chart: LINK to retest $26.5 as resistance?

On the 4-hour chart, we may see the Chainlink price rise as the previous support level of $25.5 is challenged as resistance.

Chainlink Price analysis: Is bullish for the next 24 hours 1LINK/USD 4-hour chart. Source: TradingView

In mid-September, Chainlink’s price began to rise rapidly. After a seven-day climb from $22 to $28, a new significant swing high was established. The price of Chainlink is continuing to rise at the start of October.

Advertisement

The RSI indicator has moved into the positive region with an upward trajectory. As well as this, the MACD indicator is sending positive signals after moving into the green zone, which are both bullish indicators for LINK/USD, in our opinion.

A rebound from the previous support level at $25.5 is very likely, given that it has been tested multiple times and exhibited successful rebounds. This would be an effective strategy to counterbalance yesterday’s decline in LINK/USD

Therefore, we believe that today will bring good news for LINK/USD holders as the current price forecast predicts a continuation of bullish activity. As well as this, the bullish indicators accompanying our prediction suggest a significant increase in LINK/USD’s price with the possibility of retracing to $26.5 following a downward movement from the current level.

Advertisement

Chainlink Price Analysis: Conclusion 

In sum, this would be an excellent opportunity for Link to break out of its ‘sideways channel.’  In order for that to happen, which we expect, we would need to see some solid buying pressure (ie. a push above $26)

News Source

Advertisement
Continue Reading

Chainlink

Chainlink Price Analysis: Hidden Bullish Divergence Patterns Suggest Continuation of Move Upwards

Published

on


The FinTech platform YouHodler integrates with Chainlink price feed to improve auditing and reliability of the data used to trigger key backend processes such as loan issuing, liquidation of under-collateralized loans in a secure way without compromising data quality.

The FinTech platform offers alternative and high-yield crypto savings accounts crypto-backed lending with fiat secured crypto to fiat, and crypto to crypto conversions, with support for most of the top 30 cryptocurrencies which include BTC, ETH, UNI, SUSHI, LTC, and XLM, etc.

Another exciting Chainlink integration is with the Crypto Volatility Index [CVI], a decentralized transaction automation service for smart contracts.

By avoiding manual input or centralized processes, Chainlink keepers will automatically trigger supply rebase of the volatility token, helping the tokens maintain their peg.

Advertisement

The market fear index for the crypto market tracks the 30-day implied volatility of Bitcoin and Ethereum.

Let’s advance to the price chart for an overview of how these events impact the LINK price.

Chainlink (LINK) Weekly Chart Analysis

The LINKUSDT has been setting higher peaks and troughs and gained about 1397.33% since the price broke above bearish inside bar resistance [2.62] on 06 April ’20.

An all-around slump in crypto market cap saw the LINKUSDT enter the oversold area [level-25] and triggers a hidden bullish divergence pattern.

The recent bear trap candlestick pattern that followed an exit of an overbought area prepares the LINKUSDT for an incoming impulse wave that could see the price racing beyond the $35 mark.

Chainlink (LINK) Daily Chart Analysis

The RSI exit of the oversold area [level-25] first confirms the price bottom for the uptrend on the daily time frame and sets support at 20.82

A recent hidden bullish divergence pattern alongside a breakout of bearish inside bar resistance [25.27] on the daily time frame shows that the LINK price has a high likelihood of hitting the 36.33 resistance.

Advertisement

Chainlink (LINK) 4 Hr Chart Analysis

The LINK price quickly recovers from a 13.5% price slump triggered by a series of bearish divergence signals on 03 Oct 16:00 and 09 Oct 16:00.

Buyers who entered at the bear trap signal and break out of bearish inside bar resistance on 12 Oct 04:00 and 12:00 quickly lock in their gains as the LINK price hit the 27.89 resistance of 09 Oct 16:00.

We can expect the upswing to continue if the RSI dips below and exits the level-25, followed by a breakout above the 27.89 resistance. However, a price breakdown below the 23.53 support would mean the bears have assumed control with lower price levels to come.

Chainlink (LINK) Intraday Levels

Advertisement
  • Spot rate: 26.42
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $23.53 and $24.71
  • Resistance: $27.89 and $36.33

News Source

Continue Reading

Chainlink

Chainlink Node to Advance On-Chain NFT Valuation, Here’s How

Published

on

MetaGameHub NFT-centric DAO rolls out its own Chainlink node to improve pricing mechanisms

MetaGameHub is a decentralized application aggregator focused on the DeFi, GameFi and non-fungible tokens segments. Now, its economic design is optimized by Chainlink (LINK) node integration.

Chainlink node now integrated by MetaGameHub

According to the official announcement shared by MetaGameHub team on its social media channels, a Chainlink (LINK) node has been integrated into its NFT pricing module.

Advertisement

Thus, a Chainlink (LINK) node will be utilized in the pricing mechanisms of various products hosted by MetaGameHub. Sandbox Land will be the first GameFi protocol to have its NFTs priced in a novel manner.

Also, all new residents of MetaGameHub, regardless of the type of the protocol (DeFi, NFT marketplaces, DEXes, lending/borrowing ecosystems and so on), will be able to utilize the dedicated Chainlink node.

Advertisement

Nicolas Weber, founder of MetaGameHub, stresses that by integrating its own Chainlink (LINK) node, his project does its part to help the NFT segment mature:

The MetaGameHub Chainlink node serves as the ideal framework to support our NFT price oracles, which will provide dApps and developers with more precise data for pricing NFTs on-chain. We’re excited to help the NFT space mature by bringing sophisticated pricing data on-chain through Chainlink, opening up new opportunities for DeFi to build new applications specifically around NFTs.

All-in-one ecosystem for NFTs and DeFis

Decentralized oracles network Chainlink was chosen by MetaGameHub for its data integrity, “blockchain agnosticism,” wide adoption and provable security.

MetaGameHub (also MGH DAO) is a decentralized autonomous organization that fosters integral products at the intersection of DeFi, digital collectibles, artificial intelligence and other cutting-edge digital practices.

Advertisement

As covered by U.Today previously, Chainlink (LINK) will advance the data structures of Cardano’s DeFi ecosystem. Real-world pricing data will be broadcast to a wide range of Cardano-based dApps.

News Source

Advertisement
Continue Reading