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Price Analysis

Chainlink Price Analysis: With a Decline of More Than 8% Coin Stooped Toward $2 Support Level

Chainlink recently listed out some key factors on which the team is working. These include more off-chain jobs with adapters/integrations, going live on additional blockchain environments, greater provable security through data & certification, and the last but not the least, stronger crypto-economic guarantees through staking.

Current Statistics of Chainlink:

  • On August 22, at UTC 09:46, Chainlink (LINK) was trading around $2.2071.
  • Against Bitcoin, the crypto was valued around 0.00022154 BTC per chip.
  • At present, the market rank of Chainlink (LINK) is 16th in the cryptocurrency chart.
  • Additionally, the market capitalization of the altcoin was around 775,620,239 USD.
  • At the same time, the 24-hour trading volume in the coin was 92,787,273 USD.
  • With a return on investment of 1,316.07%, a total of 350,000,000 LINK chips were circulating in the market at the time of writing.

LINK to USD Price Comparison:

Chainlink Price Prediction
Chainlink Price Chart by TradingView

Let’s compare the price of the altcoin over a period of 25-days. On July 29, Chainlink (LINK) was trading around 2.22818437 USD. Today, the crypto coin has shown a bit of decline which accumulates to 0.94%, from its earlier value. In the weekly trading, the altcoin has made a dip of 8.34% from the level of 2.4079 USD on August 16. Similarly, in yesterday’s trading, the digital coin has gone down by a substantial margin. After opening at 2.38 USD, it made a decline of 6.91% and finally wrapped the day at 2.22 USD.

LINK Price Prediction:

The intraday decline continues in Chainlink, and moreover, it has shown some increase. However, the crypto might trade around $4 in the long term, as per our analysis. The coin has surpassed the earlier support level, and the new support for coin is at 2.13. Additionally, the resistance for the coin is at 2.25 USD.

Conclusion:

The developers of the crypto are working hard to extend their market grip. Not to forget that few big names like Google and Oracle is backing the crypto project. As far as trends in crypto are concerned, the short term looks bearish; however, the long and the medium terms are bullish.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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