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Chainlink Price Prediction, A whoop $100 for LINK Price?

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One of those coins, and one that has been making front-page news ever since the rise of De-Fi projects, is Chainlink. Its coin LINK amassed a large group of enthusiastic followers, including celebrities, industry experts, and tech futurists. the altcoin has grown rapidly and is one of the top-ranked cryptocurrencies by market capitalization.

The altcoin has enjoyed an exciting rise to the top, but what are its prospects for the remainder of 2021? In this article, we will discuss the Chainlink price prediction and Market Analysis.

As Chainlink has strong fundamentals, investors believe that LINK Price is bound to pump eventually.

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Overview

CryptocurrencyChainlink
TokenLINK
Price$22.05
Market capitalization$9,584,229,012.68
All Time High$52.88   May 10, 2021
All Time Low$0.1263   Sep 23, 2017 
Circulating supply433,009,554 LINK
Total Supply1,000,000,000 LINK
Average ROI14043.67%

Chainlink is unique compared to other blockchain projects. The business model is solely focused on the creation of smart contracts for the outside world. Chainlink hopes to decentralize the Internet to bridge the gap between blockchains and the applications that exist in the real world.

The Chainlink system has a decentralized network of Oracles, so that smart contracts can safely interact with off-chain platforms. Founded in September 2014 by its CEO Sergey Nazarov and CTO Steve Ellis.

Chainlink node operators extract data from off-chain systems and convert it into blockchain compatible formats. They are awarded LINK cryptocurrency – an ERC-20 token based on Ethereum. According to the developers, the price of LINK is closely correlated to the number of node operators.

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Fundamental Analysis

Since both Oracle and Chainlink work simultaneously for data conversion, the working might sound arduous. But in reality, it involves just 3 steps! Beginning the process, a smart contract requests data when required. The LINK protocol receives the request and generates a Chainlink Service level Agreement. 

Meanwhile, the agreement will further generate 3 other contracts. One for reputation, which will check the Oracle and verify it. Secondly, the next contract acts as a bridge between the request contract and the nodes that take the requests. 

The translation of off-chain to on-chain data and vice versa is taken care of by the Chainlink Core. The request is first converted to an off-chain form so that the real-time information can read the request and easily fetch the required data via an API. After the accurate information is at the nodes, they are further transcribed to on-chain language and delivered to the nodes! Thus, the Chainlink protocol increases transparency and improves the reliability and accuracy of the data that enters the blockchain!

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The LINK token powers the entire process and acts as the network’s fueling agent. That is, Chainlink nodes are paid in LINK tokens for lending their services in fetching the real-time data into the blockchain. But before that, each node must stake LINK tokens in the network promising to offer accurate services.

Chainlink continued to trade at $11.45 during January. Surprisingly, the price spiked to $51.17 to hit a new high on May 2nd. When the market collapsed on May 19, the LINK price wiped down from $36.8 to $21. However, post this point, the price has been gradually surging.

It has drawn a lot of attention and attracted new users to their project. The fundamentals look healthy for many analysts. The altcoin has been proactive in launching its products and developments well within time, growing consistently. Partnering with prominent companies like Google Cloud, the LINK price may soar significantly to blow at $37.008 by the year-end.

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On the other hand, considering all market sentiments and news playing hide and seek, major setbacks can arise. If any other unforeseen circumstances or competitor coins give a tough road ahead, the altcoin price might plummet to support levels at $15.988.

However, the regular buying and selling pressures may put LINK at an average range of $25.174 to $30.063.

Chainlink Price Prediction 2022

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If the altcoin closes this year hitting the highs, then 2022 might start bullish at $37.114. On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $16.029.

If the network boosts the reward levels for its nodes, then it might grab new nodes staking their tokens, leading to a pump in the price. In such a case, by the end of 2022, the LINK price might smash a new high of $64.883. However, being a highly transparent protocol, the average price of its token can hit between $31.44 and $40.005 on an average.

On the flipside, possible data manipulation is being debated by many critics. If the network does not work to improvise this, then the price can bounce down to $24.869.

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In 5 years, with more partnerships, a large treasury of reserve funds, and an in-demand service, it seems that the platform is well-poised to handle any challenges that may crop up in time. With new updates in connections to APIs, the utility token can be on cards with a maximum of $121.07 by the end of the next five years.

On the other hand, if the market crashes due to controversies on conventional cryptos and blockchain, following other currencies, LINK may also dip to $99.731. If smart contracts can seamlessly process over the years, then the altcoin might move at an average of $112.99. 

Market Prediction

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1) TradingBeasts

According to trading beasts, the LINK price may trade around $24.081 by the end of 2021 and by the end of 2024, the price may reach $33.223.

2) DigitalCoin

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It rates Chainlink as a solid investment with expectations of soaring prices for years to come. Digitalcoin expects that Chainlink (LINK) could be trading at $32.48 at the end of 2021.

3) WalletInvestor

Wallet Investor’s algorithm-based forecast is highly bullish about the future price of Chainlink. They think the LINK price can go up to $56.834  in one year. Based on the current market situation, they project the rate jumping to $226.161 by the end of 2026.

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4) Longforecasts

As per Longforecasts, Link price may trade in between $25.39 to $31.51 by the end of 2021, and by mid-2025, the price may rally and cross $51.00.

Chainlink has the inherent capability to expand smart contracts, allowing data accessibility for events, transactions, and going in the same trend. Optimism seems to be catching up with the heat on a long-term price forecast for the platform. According to Coinpedia’s formulated prediction, if the network updates in cryptography and starts new partnerships, the LINK price might surge up to $37.00 as the year ends. 

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On the flip side, many critics have begun questioning the purpose of LINK tokens in the project. If it persists, and other celebrities indicate a supporting statement, the price might get afflicted and plunge to $16.03.

Year Potential High Potential Low 
2021$37.008 $15.988
2022$64.883.$24.869
2025$121.07$99.731

2017

LINK was funded with an ICO and managed to raise USD 32 million in September 2017. During its private token sale campaign LINK cost USD 0.09 per token and USD 0.11 during its public sale.

2018

Then in the year 2018, the coin had a nice start doubling from $0.15 to $0.43 per coin. It had several price hikes, which increased the price of the currency to $1.

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2019

In June 2019, news broke on Twitter about potential cooperation with Chainlink and Google Cloud. As a result, the price of LINK jumped from $1.19 to $1.93. Later, the coin grew further to $2.24 when it was listed on Coinbase.

By the time LINK appeared on the exchange, it had reached $4.45. By the end of August, the price of ChainLink had again decreased to $1.61.

2020

ChainLink saw a significant price movement in January 2020 and ended in February. During this period, the coin managed to grow from $1.74 to $4.60 in a short time frame. 

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In March, it crucially fell back to its previous price point of $1.74. In April, it managed to recover, climbing back to $3.

Then on July 7, 2020, the LINK price underwent an impressive surge as China’s national blockchain network, the Blockchain Service Network (BSN) was activated with 135 nodes integrated with Chainlink price oracles. 

The news saw the LINK price surge from around $4.87 USD to an all-time high of $5.60 USD, with gains of 15 percent on the day

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Chainlink continued an ascending trendline into mid-August, gaining bullish momentum. Into late September 2020, it saw sudden bearish activity before beginning its climb once again into October. 

With the continuation of the bearish trend LINK’s price was trading at $11.17 and further plunged to $10.57. Later, the price started to grow steadily to hit $16.08 at the end of November.  At the end of 2020, Chainlink was trading at $11.14.

FAQ

Is Chainlink (LINK) a good investment?

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Chainlink might be a good investment if you plan to invest for a long time.Who created Chainlink?

Chainlink was created by Sergey Nazarov.Will Chainlink hit $1000 USD?

For now, though, considering the current Chainlink price of $22.05, it’s unfeasible to expect Chainlink to cross $1,000 USD any time soon.What are Chainlink Oracles?

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These are bridges that allow several blockchains to interact with off-chain resources such as market data.Is Chainlink Worth Investing?

Yes, it is worth investing. Chainlink (LINK) is showing tremendous growth and it’s one of the most prominent cryptocurrencies.

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Chainlink

Chainlink price faces minor sell-off before resuming uptrend

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  • Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top.
  • LINK is headed lower to retest critical support levels as the bears target $28.61 next.
  • The token may fall toward the lower boundary of the parallel channel as the bulls catch their breath. 

Chainlink price faced stiff resistance at $31.26 as it reached the topside trend line of the prevailing chart pattern and is headed lower as the bulls lose strength. LINK could be headed for a minor sell-off as a critical technical level suggests the token has reached its local top.

Chainlink price dips after facing stiff hurdle

Chainlink price is sliding lower after it tagged the upper boundary of the ascending parallel channel on the 12-hour chart. The Momentum Reversal Indicator (MRI) flashed a top signal at this critical point, suggesting that LINK has just recorded its local top, prompting a sharp reversal.

Although the prevailing chart pattern gives the impression that Chainlink price is headed higher, LINK may need to retest crucial levels of support before resuming its uptrend. The first line of defense for the token is at the 50% Fibonacci retracement level at $28.61. 

Additional support may emerge at the middle boundary of the parallel channel at $28.26 before Chainlink price drops toward the 21 twelve-hour Simple Moving Average (SMA) at $27.66. A spike in selling pressure may see LINK fall toward the following foothold at $26.76, where the 50 and 100 twelve-hour SMAs and 38.2% Fibonacci retracement levels converge. 

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LINKUSDT

LINK/USDT 12-hour chart

Adding credence to the strength of the aforementioned line of defense is IntotheBlock’s In/Out of the Money Around Price model that indicates that the largest cluster of support of 33,330 addresses purchased 43.53 million LINK at $26.99.

LINK IOMAP

LINK IOMAP

However, should Chainlink price see a surge in sell orders, LINK could slide even further, tagging the 200 twelve-hour SMA, which coincides with the lower boundary of the governing technical pattern at $25.11.

On the flip side, if buying pressure increases, LINK would still need to conquer its first hurdle at the 61.8% Fibonacci retracement level at $30.46 before aiming higher toward the upper boundary of the parallel channel at $31.28, where the MRI presents a resistance line. If the bulls manage to slice above the aforementioned obstacle, Chainlink price could target $33.09 next, at the 78.6% Fibonacci retracement level, to set a higher high. 

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Chainlink price analysis: LINK rejected at $31, after a successful bullish episode

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  • Chainlink price analysis is bearish today.
  • Support for LINK/USD is present at $28.6.
  • The nearest resistance for LINK is found at $34.8.

The Chainlink price analysis is bearish today, as the LINK/USD got a rejection at $31.4 following a successful bullish swing. Selling pressure is high up to the $31 range, and LINK must get enough consolidation to push through this resistance for further rise. LINK is still trading below the level of the 7th September flash crash, and if it breaks above this current resistance level then, the next target will be $34.8 for LINK bulls.

Overall the LINK observed a good improvement in price during the past week when the price improved from $25 to as high as $31.4, which is a significant change for the crypto pair.

LINK/USD 1-day price chart: LINK steps down to $30

The 24-hour Chainlink price analysis shows the price has reduced from $31.4 to $30.3, as the LINK/USD pair is trading hands at the later value at the time of writing. However, due to a sharp increase in price yesterday, LINK still reports a gain in value by 2.06 percent over the past 24 hours, and a gain of more than 11 percent over the past week, due to the aggressively bullish trend for the entire week. The market cap also went up by 4.4 percent as the trading volume surged by 25.8 percent, providing a market dominance of 0.55 percent to the LINK/USD pair.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is again on the increase for LINK/USD as the Bollinger band took on to divergence with the upper band at the $30.2 mark, currently representing support for LINK as the price still trades above the upper limit of the indicator, and the lower band at $23.8, forming an average at $27.9.

The relative strength index (RSI) has fallen sharply today and is on a downwards slope at index 61. The indicator is showing an overwhelming selling activity going on in the market. However, the RSI is still neutral but hints at the current bearish situation.

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Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the LINK price has been falling consistently today, and the first four hours observed the major part of the decline. However, the fall has slowed down in the preceding hours, and less downside has been seen in the last few hours, as the price came near the support zone of $30.02.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart, but the Bollinger bands are on an upwards breakout, with the upper band at $31.6 and the lower band at $27.2. The price has also steeped below the moving average, which is found at the $30.4 mark, which is a bearish crossover. The RSI is again taking a horizontal curve after coming down to index 61, which shows the support factor coming into play.

Overall technical indicators are on the bullish side due to the past bullish week, and still, there are chances for recovery. Around 14 technical indicators support the bullish side, and only five technical indicators support the bearish side, out of a total of 26 technical indicators available, thus further authenticating the negative price movement in a bullish horizon.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the crypto pair is correcting today after a successful bullish trend. The technical indicators still suggest a further bulls rally to be observed in the coming days, but for intraday traders, the price has come down, but a slight recovery is also not out of the question if the support of $30.02 persists.

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Chainlink price analysis: LINK rejected at $31, after a successful bullish episode

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  • Chainlink price analysis is bearish today.
  • Support for LINK/USD is present at $28.6.
  • The nearest resistance for LINK is found at $34.8.

The Chainlink price analysis is bearish today, as the LINK/USD got a rejection at $31.4 following a successful bullish swing. Selling pressure is high up to the $31 range, and LINK must get enough consolidation to push through this resistance for further rise. LINK is still trading below the level of the 7th September flash crash, and if it breaks above this current resistance level then, the next target will be $34.8 for LINK bulls.

Overall the LINK observed a good improvement in price during the past week when the price improved from $25 to as high as $31.4, which is a significant change for the crypto pair.

LINK/USD 1-day price chart: LINK steps down to $30

The 24-hour Chainlink price analysis shows the price has reduced from $31.4 to $30.3, as the LINK/USD pair is trading hands at the later value at the time of writing. However, due to a sharp increase in price yesterday, LINK still reports a gain in value by 2.06 percent over the past 24 hours, and a gain of more than 11 percent over the past week, due to the aggressively bullish trend for the entire week. The market cap also went up by 4.4 percent as the trading volume surged by 25.8 percent, providing a market dominance of 0.55 percent to the LINK/USD pair.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is again on the increase for LINK/USD as the Bollinger band took on to divergence with the upper band at the $30.2 mark, currently representing support for LINK as the price still trades above the upper limit of the indicator, and the lower band at $23.8, forming an average at $27.9.

The relative strength index (RSI) has fallen sharply today and is on a downwards slope at index 61. The indicator is showing an overwhelming selling activity going on in the market. However, the RSI is still neutral but hints at the current bearish situation.

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Chainlink price analysis: Recent developments and further technical indications

The 4-hour Chainlink price analysis shows that the LINK price has been falling consistently today, and the first four hours observed the major part of the decline. However, the fall has slowed down in the preceding hours, and less downside has been seen in the last few hours, as the price came near the support zone of $30.02.

Chainlink price analysis: LINK rejected at $31, after a successful bullish episode 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is also high on the 4-hour chart, but the Bollinger bands are on an upwards breakout, with the upper band at $31.6 and the lower band at $27.2. The price has also steeped below the moving average, which is found at the $30.4 mark, which is a bearish crossover. The RSI is again taking a horizontal curve after coming down to index 61, which shows the support factor coming into play.

Overall technical indicators are on the bullish side due to the past bullish week, and still, there are chances for recovery. Around 14 technical indicators support the bullish side, and only five technical indicators support the bearish side, out of a total of 26 technical indicators available, thus further authenticating the negative price movement in a bullish horizon.

Chainlink price analysis: Conclusion

The Chainlink price analysis suggests the crypto pair is correcting today after a successful bullish trend. The technical indicators still suggest a further bulls rally to be observed in the coming days, but for intraday traders, the price has come down, but a slight recovery is also not out of the question if the support of $30.02 persists.

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