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Chainlink

Chainlink Set To Surge on Release of Dynamic NFTs, Says Crypto Trader Tyler Swope

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Crypto analyst and trader Tyler Swope is placing Chainlink (LINK) in the spotlight as the oracle project prepares to dive head first into the non-fungible token (NFT) space.

In a new video, Swope tracks the little-known connection between Chainlink and the emerging digital art industry.

The trader highlights that the number one oracle project in the crypto space is already in the midst of entering the booming NFT and gaming market. Swope notes that the team released an article in June of 2020 outlining various strategies to mint dynamic NFTs.

The Chainlink blog post defines dynamic NFTs as,

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“…Perpetual smart contracts that use oracles to communicate with and react to external data and systems. The oracle allows the NFT to use external data/systems as a mechanism for minting/burning NFTs, trading peer-to-peer, and checking state.”

Not only has the oracle project been investigating how to participate in the NFT space, but Swope notes that Chainlink’s Verifiable Randmoness Generator (VRF) is already live and adding value to the sector.

“If you didn’t know, Chainlink has their VRF. Chainlink oracle nodes create a random number which is then imputed into smart contracts and the VRF has been live on the mainnet since October of last year and VRF gives dynamic abilities to NFTs through randomness.”

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NFT projects such as Ether Cats are already implementing the Chainlink VRF on their platforms to create dynamic NFTS.

Additionally, Swope notes that Chainlink can add dynamic capabilities to NFTs by attaching real world events or outcomes to a digital asset.

“It doesn’t stop there… Real world events can be imputed into NFTs. Minting an NFT card based on a hat trick? What about going even further where the value of the NFT card depends on the real life statistical outputs of the associated player? Chainlink oracles can source real life performance data to determine the value of cards which is used to decide the winners of tournaments and trigger winning payouts.”

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Chainlink is also positioned to utilize dynamic NFTs in the identity verification sector, says Swope, highlighting that the team mentions the opportunity in its original blog post on NFTs.

“Even more down the rabbit hole, what about authenticity verification even with identity. Going back to their blog post on NFTs and Chainlink they speak on identity and say, ‘several projects are already working on how to develop digital identities that can interface with many existing applications by doing so users can plug and play it with other applications to keep control of their private data.

Chainlink allows smart contracts to query identity-based blockchains to verify personal credentials as well as to append data to a person’s identity based on an output from another business process.’”

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Chainlink Price Show Signs Of Massive Rally! LINK Price Eyeing ATH?

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The global crypto market capitalization is now $2.42 trillion, up 0.81 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 7.64 percent to $118.42 billion. Bitcoin is trading at $61,413.59, Ethereum at $3,771.36, and Cardano Price at $2.15.

Chainlink (LINK/USD) has staged a strong comeback over the last three days, rising from a low of 23.5 on October 12 to a high of 27.8 in just two days.

Chainlink Price rebound over the last month has been similar to that of most of its cryptocurrency rivals. When compared to its late-September lows of $20.8, the digital asset was selling at a 35 percent premium at press time. This number would arguably be increased if bulls had managed to break over the $28 resistance level. However, this has not yet been the case.

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TradingView Chart

The price of Chainlink may rise on the 4-hour chart as the prior support level of $25.5 is challenged as resistance. Given that it has been tested numerous times and has shown good rebounds, a rebound from the previous support level of around $25.5 is extremely plausible. This would be a good way to counteract the LINK/USD decrease from yesterday.

Other bullish indicators, on the other hand, corroborate the idea of recovery. The RSI indicator is currently in an uptrend with no signs of slowing down. Furthermore, when it climbs into the green zone, the MACD indicator is giving good news too. 

The coin’s trading volume has climbed 26.0 percent in the last week, while the overall circulating supply has increased 0.14 percent to over 458.01 million, accounting for 45.8% of the coin’s maximum supply of 1.00 billion. LINK is now ranked #15 in terms of market capitalization, with a value of $12.57 billion.

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Chainlink Price analysis: Is bullish for the next 24 hours

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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.

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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.

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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.

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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)

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

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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.

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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.

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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

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

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