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Associated Press Will Utilize Chainlink To Record Real-World Data on Various Blockchains

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The Associated Press (AP) is tapping decentralized oracle network Chainlink (LINK) to make its data accessible on leading blockchains.

Chainlink serves as a bridge that can bring off-chain information to blockchains and smart contracts.

The news agency says it’s launching a Chainlink node that will enable it to supply and directly sell datasets on US political elections, economic data, sports results, and business financials that can be used by applications running on blockchains.

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The AP’s announcement comes amid the increasing popularity of smart contracts, which are designed to be tamperproof programs that automatically execute outcomes when certain conditions are met.

According to the AP, Chainlink can play a role in automating blockchain processes such as alerting markets about calls on political races, initiating on-chain trades when companies release their financial records, and updating the appearance of non-fungible tokens (NFT) based on real-world events.

In 2020, the AP also teamed up with decentralized knowledge platform Everipedia to publish US election calls on the Ethereum blockchain.

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AP’s director of blockchain and data licensing Dwayne Desaulniers says,

“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.”

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Chainlink’s native token is currently the 16th largest crypto asset by market cap. At time of writing, LINK is trading at $29.28, according to CoinGecko.

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Former Google CEO Becomes Strategic Advisor At Chainlink

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A man who helped build one of the world’s biggest software companies is joining Chainlink, a smart contract data provider.

Chainlink Labs – a smart-contract oracle service provider – recently signed on former Google CEO Eric Schmidt as a strategic advisor. Schmidt’s duty will be to help guide Chainlink in building “a world guided by truth.”

Schmidt Joins Chainlink

Chainlink announced its recruitment of the Ex-Google chief in a statement this Tuesday. The team is focused on aggregating and implementing real-world data to be used as smart contracts built on various blockchains. This is accomplished by using oracle networks, which connect web 3.0 systems with legacy databases.

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In aggregate, Chainlink has helped secure over $80 billion in total value locked across multiple smart-contract chains.

“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption,” said Chainlink co-founder Sergey Nazarov. “ Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”

Eric Schmidt helped Google scale its infrastructure, including a $23 billion IPO, while presiding over the launch of Gmail, Google Maps, Chrome, Adsense, and Fiber. He was also chairman of the Department of Defence’s innovation board, and National Security Commission on Artificial Intelligence. Today, he is the co-founder of Schmidt Futures and chairman of the Broad Institute of MIT and Harvard.

Schmidt believes blockchain’s lack of connection to the physical world is one of its glaring weaknesses, which Chainlink helps alleviate:

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“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionising business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth.”

Eric Schmidt. Source: Vox

Chainlink’s Connections

Chainlink is focused on building a multi-blockchain ecosystem and has proven successful in expanding its network thus far. In October, the company partnered with Cardano – a top ten blockchain ecosystem – to bring oracle systems to Cardano’s smart contracts. This was remarkable timing, given that Cardano had only recently implemented smart contracts onto their chain.

More recently, the Associated Press announced that it will run a Chainlink node, used to provide smart contract developers with verifiable data from a highly reputable source.

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Assessing the odds of Chainlink establishing an uptrend in the near future

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The crypto market witnessed one of its worst dips on 4 December. On that day, almost all the coins ended up shedding 20% to 30% of their value. While most of them continue to remain in their sluggish zone, a few have managed to bounce back.

LINK is one of the few coins to have recorded three green candles in a row. In fact, at the time of writing, it was noted that this alt had fetched investors double-digit returns [around 11%] over the past day. However, the likes of BTC and ADA, and SOL had lost 4%-5% of their daily value.

Source: CoinMarketCap

Time to stride higher?

Well, the initial leg of any rally post a downtrend is always associated with a sense of gloominess and un-surety. Market participants often find it a task to find the right time to enter the market.

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So, what can LINK participants do at this stage? The pertinent question remains- Is it the right time to hop onto the bus, or, should they wait before proceeding further? Well, looking into the state of a few of LINK’s metrics would help us decipher what the ideal next move could be.

The average HODLer balance peaked in the second week of November and reflected a value of more than $56k at the time. However, over the past few weeks, the same has massively shrunken, depicting a mere value of $30, at the time of writing.

Now, the aforementioned numbers, to a fair extent, indicate the halted state of the macro-accumulation trend. The downslide in the balance evidently points out that market participants did part ways with their HODLings when LINK’s price made a local peak earlier in November.

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Their selling action, in effect, gave rise to the balance on exchanges. In the initial few days of December, the exchange net flows largely remained negative. Thus, implying the presence of a buying bias. However, the same is currently positive, implying the sell-side pressure.

In fact, ITB’s trades per side indicator also highlighted that the number of tokens sold over the past 12 hours had exceeded the number bought by over 300k tokens.

Source: IntoTheBlock

Nevertheless, over the months, the number of participants who cling to the token for more than a year has increased. However, the short-term participants have gradually been exiting the market.

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What this means is that people do have faith in the long-term future of the token. Going forward, if traders enter into the market, then, it’d be fair to expect a full-force swing in LINK’s price. Post that, even if they exit, the momentum would be carried forward by HODLers.

Source: IntoTheBlock

So, as long as the sell-side pressure is still prevalent in the market, the odds of LINK shedding value rather than gaining, are greater. Ergo, only when the state of the aforementioned metrics get better, LINK would be able to properly establish an uptrend. In effect, investors can wait for some more time before entering the market.

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Chainlink Price Analysis: The LINK Token Hints At A Bear Trap In Its Technical Chart

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The technical chart of LINK token indicated the price would extend its correction phase when the price breached the $21.5 support; however, the intense buying pressure pushed the price back above this level, projecting a fakeout.

Key technical points:

  • The LINK price obtains strong resistance from the 20-EMA line
  • The intraday trading volume in the LINK token is $1.71Billion, indicating a 48.4% loss
TradingView Chart
Source- LINK/USD chart by Tradingview

The LINK token chart displayed an impressive recovery phase in October, trying its best to continue the uptrend. However, the token price could never pass the previous swing high resistance around $35.5 and entered another retracement phase.

The token price started dropping lower and ended up losing 50% in almost one month. Moreover, on December 4th, the intense selling pressure across the crypto market helped the token breach a strong support level of $21, which was also the previous higher low. ,   

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The crucial EMA levels(20, 50, 100, and 200) maintain a bearish sentiment of this LINK since its price is trading below the trend defining 100 and 200 EMA. Moreover, the 20 EMA provides strong dynamic resistance from this token, interrupting all the previous attempts to rally again.

The Relative Strength Index(43) indicates a bearish sentiment as its line moves below the neutral zone.

LINK/USD 4-hour Time Frame Chart

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TradingView Chart
Source- LINK/USD chart by Tradingview

The LINK token tried to sustain below the $21.5 mark in order to confirm this breakdown. However, today the price showed a strong bullish candle around +6.45% and jumped above this new resistance level, indicating a fakeout.

The crypto traders should wait for the daily candle closing above this level which will provide a better understanding for token’s further move.

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