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Chainlink Price Analysis: LINK tests $25 resistance again, breakout to follow today?

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  • Chainlink price analysis is bullish today.
  • LINK/USD moved to $25 resistance again yesterday.
  • LINK currently consolidates below the $25 resistance.

Chainlink price analysis is bullish today as the market has seen bullish momentum return over the last 24 hours, with another retest of the $25 resistance. Therefore, we expect LINK/USD to move higher later today and finally break higher.

Chainlink Price Analysis: LINK tests $25 resistance again, breakout to follow today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with a strong bullish momentum over the last 24 hours. The market leader, Bitcoin is up by 6.69 percent, while Ethereum has gained more than 12 percent. Meanwhile, Uniswap (UNI) is among the best performers today, with a gain of around 35 percent.

Chainlink price movement in the last 24 hours: Chainlink rallies back to $25 resistance

LINK/USD traded in a range of $22.43 – $25.44, indicating strong volatility over the last 24 hours. The total trading volume has increased by 14.91 percent and totals $1.73 billion, while the total market cap trades around $11.17 billion, ranking the coin in 15th place overall.

LINK/USD 4-hour chart: LINK ready to break past $25? 

On the 4-hour chart, we can see the Chainlink price consolidating below $25 resistance as bulls gather momentum to push higher.

Chainlink Price Analysis: LINK tests $25 resistance again, breakout to follow today?
LINK/USD 4-hour chart. Source: TradingView

The Chainlink price action traded within a strong bearish momentum over the past weeks. After a new major swing high was set around $36 on the 6th of September, a strong decline followed the next day.

LINK/USD found support above the $25 mark, which currently gets retested as resistance. Following the several-day consolidation, a new swing lower high was set around $32, with the further decline seen on the 16th of September.

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This time, support was found above $21, with the following rebound to the upside retesting the $25 mark as a resistance. From there, LINK/USD made another move lower late last week and set a slightly higher low at $22 this time. Yesterday, LINK started to move higher again, resulting in another test of the $25 resistance.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as bullish momentum has returned over the last 24 hours, and the $25 resistance is tested again. Considering that bears are likely exhausted, we should see LINK/USD break higher and finally set a new higher high.

While waiting for Chainlink to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Associated Press (AP) Will Run a Chainlink Node To Guarantee The Reliabitliy Of Its Data

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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.

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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.

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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.

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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

The price of $LINK was $0.44, some perceptive is always good, much more room for growth from here https://t.co/kkGtadGbJ8

— ChainLinkGod.eth 2.0 (@ChainLinkGod) October 20, 2021

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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.

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Chainlink [LINK] gets fresh boost from Associated Press; here’s how

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Chainlink announced the launch of a node on its network by Associated Press for delivering real-world data to smart contracts. The famous news outlet will provide high-quality economic data, sports outcomes, and business financials to blockchain projects that use Chainlink.

It’s a very big announcement for Chainlink because of the importance of data that AP can provide to the customers and can be considered as one of the most crucial bridges between the two worlds.

Connecting the Worlds More

Accessing data from off-chain networks is always attractive. When blockchains can interact with other networks in the form of sending and receiving data and processing it, they can claim to provide real-world solutions.

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This approach is among the top for connecting the traditional networks to the innovative world of smart contracts and blockchains. Chainlink is one of the best solutions for this connection with the largest decentralized network of oracles.

Many big blockchains in the industry use Chainlink for accessing off-chain data. It’s the reason that a famous news outlet like Associated Press decided to work with this network for providing its data to blockchains.

According to the latest announcement, AP will make its datasets available to blockchains via Chainlin oracles. The datasets include economic, sports, and race calls. The data will be provided and sold to blockchains that need to interact and process for further use-cases.

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The off-chain data can be used for various goals in blockchains. For example, smart contracts can be triggered when something happens in real-world data like election race calls.

Another example is when a trade is triggered on a smart contract when a business releases its quarterly report.

Chainlink execs believe that AP can help many blockchains by running a node and providing data. William Herkelrath, managing director at Chainlink Labs, said:

“AP has established itself as one of the most trusted independent news organizations in the world for real-time news in all formats. Given its large and continually growing repository of facts and data, combined with Chainlink’s proven oracle infrastructure for providing reliable data feeds across leading blockchain networks, it makes sense for the AP to launch a Chainlink oracle node and support innovation within emerging smart contract industries.”

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The latest announcement from AP is a step they have started for some time. The famous news outlet is among the most active ones in embracing blockchain technology and moving toward its world.

Some of the previous works are collaborating with Everipedia to publish U.S. race calls on Ethereum and issuing the first media NFT in early 2021.

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Associated Press Partners with Chainlink to Verify News via Blockchain

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Through Chainlink, Associated Press would use the blockchain to verify information economic, financial, and other information from members.

The Associated Press (AP) news agency says it will be launching its own Chainlink oracle node to cryptographically verify data from US newspapers and its other broadcaster members. According to an official AP press release, available and verified data would include information on business financials, economic data, race calls, and sports game outcomes.

AP says that smart contracts developers will soon be privy to this information once the node becomes operational. The agency also said it would publish data on-chain for developers to access and interact with, in relevant applications. Such activities cover everything, from information provision on upcoming elections to catering to artists working with non-fungible tokens.

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Chainlink is the world’s largest decentralized network of oracles that supplies information content to blockchains. Speaking on the new development, AP director of blockchain and data licensing Dwayne Desaulniers said:

“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.”

Desaulniers also stated that AP’s collaboration with Chainlink would make the agency’s information compatible with any blockchain. Furthermore, the 175-year-old news agency reaffirmed that content provided will always be publicly accessible, safe, secure, and verified. AP says the reason behind cryptographic news verification is “trust-based”, and suggests that the initiative will be flexible and adaptable. Generally, the agency is willing to adapt the offering depending on how developers respond to it.

Associated Press’ Partnership with Chainlink Indicative of How Fast Blockchain Technology Is Permeating Leading Mainstream Businesses

The AP-Chainlink collaboration is the latest example of a prominent, mainstream brand incorporating blockchain technology into its operations. Simultaneously, it also demonstrates Chainlink’s intention to push the world of decentralized finance (DeFi) into new areas.

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William Herkelrath, managing director at Chainlink Labs, regards AP as one of the world’s “most trusted independent news organizations”. He added that given AP’s large resource base and data repository, it only made sense for the news agency to form a partnership. William also suggested that the collaboration was merit-based due to Chainlink’s own proven competence in blockchain technology.

Chainlink co-founder Sergey Nazarov, also weighed in. He stated:

“The AP’s choice to provide data to various blockchains through Chainlink signifies both a shift in how data sources value smart contracts and a significant increase in what smart contracts are now able to achieve using AP data.”

This is not Associated Press’ first venture into blockchain technology. In 2018, the news company partnered with Civil, a blockchain-centric, journalism startup. At the time, AP was looking into exploring avenues to achieve a host of disparate media-related objectives. These included securing intellectual property rights, supporting ethical journalism, and tracking content usage. Another example of AP’s prior dealings with blockchain technology was during the 2020 US presidential elections. The news agency published the results of that election onto the Ethereum and EOS blockchains.

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