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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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Chainlink (LINK) Leaves Top 20 Cryptocurrencies by Market Cap: Possible Reasons

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Here’s how Chainlink Marines’ crypto left elite club

LINK, a core digital asset of decentralized oracles network Chainlink, finally left CoinMarketCap’s top 20 of cryptos by capitalization. At the same time, it seems that this is not its fault.

LINK leaves top 20, replaced by ALGO

Today, on December 2, 2021, Chainlink (LINK) sees its LINK token in red: the asset has plummeted 7% in 24 hours. As such, its capitalization drops to $11.6 billion.

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LINK left top-20

Just like Cardano (ADA), LINK token trades down more than 50% from its all-time high registered on May 9, 2021, above $52.

ALGO, a token of high-performance smart contracts platform Algorand, demonstrates an almost  5% dropdown but surpasses Chainlink (LINK) by market capitalization.

Algorand (ALGO) added more than 50% in just three months and entered the top 20 by market capitalization for the first time in its history.

Battles of large caps

At the same time, Chainlink (LINK) leaves the top 20 not only thanks to Algorand (ALGO) but also due to the impressive rallies of other major altcoins.

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In recent days, Terra (LUNA) and Polygon (MATIC) have spiked to new historic highs. The rivalry in the 10-20 zone has become quite savage.

Also, as covered by U.Today earlier today, Cardano’s ADA jumped 15% in no time as the IOHK CEO stressed the advantages of his project’s programming language over Ethereum’s Solidity.

LUNA, a native digital asset of high-performance blockchain Terra, added 60% in one week and surpassed overhyped memetic coin Shiba Inu token.

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Chainlink price analysis: LINK breaks below $25. More downside ahead?

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  • Chainlink price analysis is bearish today.
  • Strong resistance is present at $26.4.
  • Support for LINK/USD is present at $24.1.

Chainlink faced rejection at $25.3 as LINK started to decline during the late hours yesterday, and the decline continued today as well. However, LINK managed to get support, and some upwards price movement has been observed recently. The current bullish wave has formed a short-term upwards pattern as the coin has been rising for the past few days, while the overall trend has been bearish.

LINK/USD 1-day price chart: Price drops as bears intervene in the bullish trend

The 1-day price chart for Chainlink price analysis shows the price declined from $25.3 to $24.8 today and is trading hands at the later value at the time of writing. The LINK/USD pair reports a loss of 4.58 percent in price value over the last 24 hours and a loss of 6.03 percent over the past week. The trading volume has also decreased by 5.65 percent, and the market cap suffered by 4.76 percent.

Chainlink price analysis: LINK breaks below $25. More downside ahead? 1

The volatility for the crypto pair is quite high despite the price fluctuations being small after 26th November. The price is trading below the Bollinger band average, which is standing at $27.4, representing the resistance level and the lower end of the Bollinger bands is present at $21.6, representing the support level for LINK.

The relative strength index (RSI) is trading in the lower half of the neutral zone and is present at index 37, though the indicator is still in the neutral zone but shows sellers outpowering the buyers in the market for LINK/USD.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows the coin corrected for 12 hours continuously, including the first hours of today’s trading session. However, during the last eight hours, an improvement in price was observed as the bulls managed to make a comeback.

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Chainlink price analysis: LINK breaks below $25. More downside ahead? 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is comparatively mild on the 4-hour chart; the price stepped below the average line of the Bollinger bands during the past hours, which was representing the support level for the coin, which now turned into a resistance level at $25.3. The RSI, after sinking into the lower half of the neutral zone, shows a little upwards curve hinting at the recently started buying activity as it trades at index 46.

Overall the technical indicators are also favoring the bearish side as a majority of 15 technical indicators are giving sell signals, including the SMAs, EMAs, the MACD oscillator. On the other hand, only one technical indicator is giving a buy signal, which is the momentum oscillator. The remaining 10 technical indicators stand neutral and do not issue any signal for buying or selling.

Chainlink price analysis: Conclusion

The Chainlink price analysis for today favors bears as the price level is below then yesterday’s price cap. However, we anticipate LINK to continue upside for the coming hours as the price has been elevated during the last hours before continuing downside later today.

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Chainlink price ready to reverse, 30% upswing likely for LINK

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  • Chainlink price is reversing its downtrend and is eyeing a higher high to solidify the bullish thesis.
  • On-chain metrics suggest that LINK is in a place of accumulation, adding a tailwind to the rally.
  • A breakdown of the $21.35 support level will invalidate the optimistic outlook.

Chainlink price seems ready for a reversal of its two-week downswing as it attempts to create a higher high. This outlook is also supported by on-chain metrics, which suggest the possibility of accumulation at the current levels for LINK.

Chainlink price to kick-start a rally

Chainlink price has dropped roughly 41% over the past 18 days, creating a swing low at $22.65, which could potentially be the reversal point. From this pivot point, LINK has rallied 14% to where it currently trades – $25.93.

Investors can expect Chainlink price to continue its upswing toward the 50% retracement level at $30.51. This run-up will represent a 17% ascent and in some cases, the uptrend could extend to the 62% Fibonacci retracement level at $32.40. This move, however, would indicate a 30% upswing for LINK. 

LINK/USDT 6-hour chart

LINK/USDT 6-hour chart

The technicals are clearly indicating a bullish outlook for the oracle token and the Market Value to Realized Value (MVRV) model also suggests a similar outcome as it hovers around -11.5%.

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This on-chain metric is used to determine the average profit/loss of investors that purchased LINK over the past month. A negative value indicates that the short-term investors are in the red and this is where long-term holders tend to accumulate.

Therefore, market participants can expect Chainlink price to see a bullish reaction and trigger an upswing.

LINK MVRV 30-day chart

LINK MVRV 30-day chart

On a similar note, IntoTheBlock’s Global In/Out of the Money (GIOM) model shows that Chainlink price has a free path up to roughly $30. Here, nearly 85,000 addresses purchased 117.45 million LINK tokens. 

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Therefore, these underwater investors might offload their holdings if the LINK price rises to their breakeven levels. Hence, market participants need to pay close attention to $30.

LINK GIOM chart

LINK GIOM chart

Regardless of the bullish outlook from both technical and on-chain perspectives, there is a chance Chainlink price might head below the range low at $22.63 to collect liquidity. This move will invalidate the bullish thesis if LINK produces a lower low below $21.35.

In such a scenario, Chainlink price could head lower to retest an immediate support level at $20.79.

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