Chainlink Price Pulls Back, but Bullish Crossover Remains Intact
Chainlink has been integrating and marking many strategic alliances leading to the growth of the DeFi and smart contract platforms, which otherwise was ignored over the past three years. In this regard, LINK token is now ranked amongst the top 10 cryptos of the market, currently trading around $11.5.
In the context of these partnerships, it was just in the previous weeks when Bybit official integrated with Chainlink’s price Reference Data into its future trading platform. LINK price feed is a standard throughput for real-time crypto prices to keep the networkers updated.
Crypto derivatives exchange @Bybit_Official has integrated #Chainlink’s Price Reference Data into its future trading platform. Chainlink price feeds serve as a strong benchmark of real-time crypto prices, empowering users to make more informed decisions. https://t.co/zRSknnaCeh
— Chainlink (@chainlink) October 26, 2020
Chainlink is a comprehensive package that inherits complete decentralization and is an oracle network to connect data from the real world with smart contracts. With yet another significant strategic move considering oracle solution, Asia’s massive public blockchain, PlatOn Network integrated with Chainlink for its recommendations regarding oracle solution.
The price feed has been a significant attraction, and PlatOn’s initial agenda is to integrate Chainlink’s price feed, which can help building scalable and globally connecting DeFi applications.
Leading Asia-based public blockchain @PlatOn_Network is integrating #Chainlink as its recommended oracle solution. The initial focus is integrating Chainlink's price feeds so its devs can begin building scalable, universally connected #DeFi applications. https://t.co/3YcslJzVb6
— Chainlink (@chainlink) October 25, 2020
Chainlink’s price has been tested support as low as $7.2 towards the end of the previous month after hitting an All-Time High in August and gained enough traction due to these strategic partnerships.
Chainlink Price Analysis
Today, Chainlink’s price was seen trading at $11.5 with a rising wedge pattern drawn over the past five weeks extended from the last week of September. While altcoins are seen deviating from the bullish move, LINK illustrates a bullish yet flat trend against the US Dollar.
Chainlink’s early half’s momentum has been distressing enough while experienced a steep rise in August just when the largest cryptocurrency was also seen dipping. However, the pullback was snapped, holding a volatile motion, but the currency has support from 50-day and 200-day daily MA at $10.5 & $8.2, respectively.
However, if the price trend of LINK/USD breaches the given uptrend on the daily chart, it is likely to test 50-day MA support and breach the Bollinger Bands as well. Alongside, the Bollinger Bands are not seen drawing any extremities in the near-term. The MACD is illustrating a flat trend and breaches the bullish divergence on the daily chart, and the RSI holds no extremities due to no steep change in the price.
Emphasizing the 4-hourly chart, LINK/USD is drawing a higher high pattern clearly despite the bearish leg, which shows the coin’s descending price from $13 to currently trading around $11. However, as per the LINK Predictions, if the Chainlink price continues to follow the same pattern, the next higher high is likely to breach $14 before the end of the fortnight. You can clicking here our forecast page to know more about Chainlink price prediction.
However, we cannot consider this to be a bearish crossover, as the coin retains support from 50-day and 200-day MA on the above 4-hourly chart as well, just like the daily chart and breaching the upper BB.