As a seasoned crypto investor with a knack for spotting promising projects and understanding market trends, I find the recent developments surrounding Chainlink intriguing. After witnessing the rollercoaster ride of crypto markets over the past few years, I’ve learned to read between the lines and anticipate the potential impact of integrations on coin prices.
The value of Chainlink opened the week on an optimistic trajectory, climbing approximately 6% to reach $10.6 during Asian trading hours. This positive momentum was also observed in many significant altcoins as the weekend’s sell-off seemed to subside, and Bitcoin appeared to be approaching the $60,000 threshold once more. Could the broader market mood, along with a surge of fresh integrations within the Chainlink network, potentially fuel an upward trend in recovery?
Chainlink Price Steady As Network Grows Footprint with Base Integration
Chainlink, the decentralized blockchain oracle network, recently expanded its service, Data Streams, and VRF with Ethereum Layer 2 Solution Base.
Chainlink Data Streams provide developers with the ability to tap into real-time external data, enhancing the efficiency of decentralized applications on platforms like Base by allowing them to interact with off-chain data sources more smoothly. Furthermore, Chainlink’s Verifiable Random Function (VRF) is another essential integration on Base, offering developers a secure and reliable source of randomness. With this announcement, the price of Chainlink has remained relatively steady, trading around the $10 level.
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, expressed that the user-friendly structure of the platform makes it a suitable match for Chainlink products, and he’s eager to witness the availability of Chainlink platforms on Base.
As Chainlink’s network keeps growing with numerous integrations, it steadily deepens its presence within the Decentralized Finance (DeFi) sector. This expansion might potentially spark organic interest in LINK tokens over time.
LINK Price Shows Recovery Potential With Wedge Pattern
Over the last fortnight, the Chainlink price has been moving laterally, hovering near the significant $10 mark. The daily charts display small bodies and extended wicks, suggesting hesitation and a reluctance from either buyers or sellers to take the lead.
From my perspective as a researcher, it appears that the price is hovering above the trendline of the wedge pattern, suggesting potential accumulation before another significant rise. Additionally, I’ve observed a recent bullish crossover between the MACD line (blue) and signal line (orange), indicating a gradual return of bullish sentiment towards the asset.
A breakthrough above the $10.9 resistance level could offer strong backing for further increases, allowing buyers to propel prices upward.
After a reversal, there’s a possibility that the price of LINK might surge by approximately 36%, aiming to breach the resistance trendline at around $13.5. If the price breaks free from the resistance line within the wedge formation, it could indicate the end of the correction phase.
If the pressure on supply maintains at $10.6, the forecast for Chainlink’s price suggests a potential drop of 10%, which could lead to testing the support level at $8.8.
A bearish breakdown below the lower support will invalidate the bullish thesis from this pattern.
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2024-08-19 20:32