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Chainlink Price Analysis: LINK rallies to $22.5 overnight, set for a slow retracement later today?

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Chainlink price analysis indicates bearish momentum to follow over the next 24 hours as further upside was rejected yesterday after a strong rally past the $21 previous monthly high.

Chainlink Price Analysis: LINK rallies to $22.5 overnight, set for a slow retracement later today? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has traded with strong bullish momentum over the last 24 hours. Bitcoin is up by 6.67 percent, while Ethereum by 5.24 percent. Meanwhile, Binance Coin (BNB) is among the best performers, with a gain of 7.73 percent.

Chainlink price movement in the last 24 hours: Chainlink rejects further upside around $22

LINK/USD traded in a range of $20.99 – $22.65, indicating mild volatility over the last 24 hours. Trading volume has increased by 52.58 percent and totals $1.6 billion, while the total market capitalization trades around $9.68 billion, ranking the cryptocurrency in 14th place overall.

LINK/USD 4-hour chart: LINK ready to retrace?

On the 4-hour chart, we can see the Chainlink price rejecting further upside over the last 24 hours, indicating an upcoming retracement.

Chainlink Price Analysis: LINK rallies to $22.5 overnight, set to retrace later today?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action traded with a strong bullish momentum over the last week. After a slightly higher swing low was set around the $13.5 mark, LINK/USD rallied by more than 60 percent until the $22.5 mark was reached yesterday.

From the $22.5 mark, LINK/USD rejected further upside overnight and started to slowly retrace. As of now, the Chainlink price has returned below $22 resistance, with further downside likely to follow.

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Overall, this price action development indicates that we will see bearish momentum take over over the next days. LINK/USD will likely retrace to retest the previous resistance around $22 as a support. From there, we could see another push higher next month.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis indicates bearish momentum to follow over the next days as further upside was rejected earlier today after a strong rally yesterday. Therefore, we expect LINK/USD to retrace to the $20 mark and try to establish another higher low.

While waiting for Chainlink to retrace, read our guides on DeFi advantages, Bitcoin fees, as well as an article on Satoshi Nakamoto.

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Cardano

Cardano Partners with Chainlink to Integrate Oracles for Advanced Smart Contracts

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Cardano joins forces with Chainlink to provide extra support for developers building smart contracts by integrating oracles

The Cardano team has just published a blog post, announcing a partnership with Chainlink that will result in integrating Chainlink’s oracles. These will help developers build smart contracts for Cardano DeFi apps.

The collaboration was announced during the Cardano Summit today, on September 25.

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Cardano teams up with Chainlink

Chainlink’s oracle networks supply data to blockchain networks and allow smart contracts to work with results of elections, sports statistics, crypto rates, etc. They can also operate weather data (Chainlink is now working with some fintech companies that are bringing parametric insurance to South Africa) and other types of data as well.

Chainlink oracles help run hybrid smart contracts on any DLT network. Presently, Chainlink secures billions of USD in DeFi apps, gaming apps, platforms related to insurance and other top industries.

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Chainlink to power Cardano smart contracts

The integration of these oracles in the Cardano DLT will allow dev teams to supply institutional-grade data provided by Chainlink into their smart contracts. The oracles will support prediction apps that deal with sports data, weather data necessary for parametric insurance apps; they will be applied in the sphere of gaming and digital collectibles, like NFTs, etc, via multiple partnerships.

Founder of IOHK Charles Hoskinson stated that Chainlink oracles are necessary for advanced smart contracts and they will provide real-world data to the Cardano blockchain. He emphasized that Cardano intends to provide developers with best tools for creating solutions that will be of actual use.

Hoskinson believes that Chainlink oracle integration will also provide a perfect foundation for the DeFi ecosystem on Cardano.

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Chainlink

XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily

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Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.

In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).

Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.

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Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.

So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”

Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).

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“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…

…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”

In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.

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“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”

Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.

“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”

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Chainlink

Chainlink Price Prediction: LINK prepares for quick 40% breakout

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  • Chainlink price is grappling with the 50% Fibonacci retracement level at $2.22.
  • A decisive close above this barrier is likely to trigger a 30% climb to $31.82.
  • If LINK fails to hold above $19.28, it will invalidate the bullish thesis.

Chainlink price is currently retesting the midpoint of the trading range as it tries to recover from the crash witnessed in the third week of September. A successful flip of this barrier will allow LINK to venture higher and recover the losses over the past week.

Chainlink price ponders a journey higher

Chainlink price rose 21% over the past 48 hours and encountered the 50% Fibonacci retracement level at $25.22. Although the buyers are struggling to push through this barrier, the future remains mildly optimistic.

A decisive close above $25.22 will indicate a resurgence of bulls and propel it to the next supply level at $27.39. While this is a temporary blockade, the market makers will likely push LINK to collect liquidity resting above the September 16 highs at $31.82.

However, investors need to note that this uptrend might first encounter a pullback to the 62% Fibonacci retracement level at $22.76.

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This ascent to $31.82 would constitute a 40% climb from $22.76.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

On the other hand, if Chainlink price fails to bounce off the 62% Fibonacci retracement level at $22.76, it will reveal a chink in the bulls’ armor. Such a development will likely push LINK to $21.02, a second chance to restart the uptrend. A breakdown below this level will create a lower low, invalidating the bullish thesis.

This move might trigger a further correction to the range low at $14.97 if the selling pressure persists.

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