The price of LINK dropped by 2% to $10.36 during Wednesday’s U.S. trading session, extending its week-long consolidation. The chart shows alternating green and red candles, suggesting neither buyers nor sellers are making a decisive move yet, as they wait for a significant trigger. Could the recent increase in active addresses and new partnerships lead to a bullish breakout in Chainlink’s price?
LINK Price Defend $10 Support with New Integrations
In simple terms, Chainlink, the top decentralized oracle network, has recently revealed a set of new collaborations with well-known blockchains to boost its market presence. Subsequently, the network unveiled two fresh partnerships with GasStation and Charged Particles.
In the midst of these advancements, the LINK‘s price appears to be holding strong above the $10 support level, as indicated by a long-wided rejection candle.
Platform like GasStation aims to streamline Ethereum transaction fees by providing users with tools for efficient management and prediction of gas prices. This partnership grants GasStation access to Chainlink’s oracle services and technical assistance, enhancing the security and functionality of its real-time Ethereum gas market. In return, GasStation will allocate 5% of its native token reserves towards Chainlink service providers, including stakes.
#GasStationFi collaborates with Chainlink Build, gaining advanced entry to Chainlink’s top-tier oracle services and technical assistance. This partnership strengthens the safety and functionality of GasStationFi’s Ethereum gas marketplace.
In return, GasStation will make 5% of its…
— Chainlink (@chainlink) August 13, 2024
A collaboration has been established with Charged Particles, a decentralized finance (DeFi) platform where digital assets like NFTs can be stored in a “charged” NFT. This union facilitates secure transfers of the IONX token between Ethereum and Modenetwork networks due to this integration.
DefiNft, by incorporating Chainlink’s Cross-Chain Interoperability Protocol (CCIP), now facilitates secure transfer of its IONX token between Ethereum and Harmony networks, ensuring a seamless experience for users on both platforms.
CCIP empowers decentralized applications to tap into the cross-chain ecosystem.
— Chainlink (@chainlink) August 13, 2024
As the Chainlink network expands, these partnerships may foster more creativity and possibilities for expansion, potentially strengthening the upward trend in the value of LINK.
Chainlink Price Coilling for a Decisive Breakout
In a 4-hour timeframe, the graph of the LINK displays the formation of an ascending triangle, which is a bullish indication. This pattern suggests a brief period of consolidation where the price moves along an upward sloping trendline but encounters resistance at a horizontal level before making a significant breakout.
At present, the value of Chainlink is being exchanged for approximately $10.4. With a market capitalization of around $6.3 billion, it’s a significant player in the crypto space. The Relative Strength Index (RSI) has been consistently climbing above the midpoint (50%), suggesting a bullish trend and growing optimism towards this asset.
If the buying continues strongly, the asset’s price might reverse the $10.75 resistance level into potential support, which could trigger a 14% increase towards the goal of $12.2.
Instead of expecting a continued bull run, a break down below my current supply position could challenge the optimistic outlook I’ve had for LINK. This breakdown might indicate that the ongoing correction is about to resume, potentially causing the LINK price to drop by around 22%. If this happens, the support at $8.2 will be tested.
Despite Chainlink’s price trend suggesting a period of stability, there has been a surprising 134% rise in the number of new addresses on the network over the past 48 hours, with the count climbing from 2.08 to 4.87.
As someone who has been following the cryptocurrency market for a while now, I’ve noticed a significant surge of interest and activity in Chainlink’s ecosystem recently. This growth is not only intriguing but also exciting because it suggests that users are actively engaging with the network and potentially adopting its technology. Having witnessed the rise and fall of numerous projects over the years, I can attest to the importance of user engagement as a key indicator of long-term success. Therefore, the increasing involvement in Chainlink’s ecosystem is a positive sign for the future, and I am eager to see how this promising project continues to evolve.
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2024-08-14 21:31