Chainlink Price Prediction: LINK Crypto Seeks Stability to Escape!
Smart contracts can be connected to external data sources via Chainlink, a decentralized oracle network, without revealing too much information. In 2017, Sergey and Steve launched it. In the DeFi ecosystem, Chainlink has emerged as a key protocol supporting smart contracts. The broad community of smart contract creators, node operators and others power the Chainlink network. Their distributed architecture makes it possible to obtain data that is impervious to manipulation.
Through LINK tokens, Chainlink compensates its operators or data providers. The network’s capacity to establish connections with the outside world has made it one of the most widely used DeFi protocols. Currently, it is one of the most used Oracle networks. Chainlink is used by several stream applications, and they have access to over 1 billion data points via various protocols.
Recently, Chainlink VRF Ethereum was implemented in a well-known Korean chatbot to help with the NFT mystery box.
LINK has a market cap of nearly $3.7 billion, with 52% of its supply trading. By the end of 2023, significant levels are expected for LINK. Numerous specialists predict that asset prices will continue to rise rapidly in the future.
Chainlink Price Prediction and LINK’s Price Action!
Chainlink price prediction suggests that LINK cryptocurrency will enter a recovery phase throughout today’s trading session. The LINK cryptocurrency market has consolidated and therefore needs to break free. Buyers are still trying to push the LINK cryptocurrency price above the peak price level.
Chainlink price was $7.28 and during today’s trade it increased 1.08% in market value. Intraday trading increased by 33% in trading volume. Market value in relation to volume was 0.04036.
LINK cryptocurrency has risen by around 0.43% in the last week and 16.89% in the last month. In addition, LINK Crypto has gained 30.96% so far this year, and Chainlink Crypto has recovered around 20.27% in three months, indicating that mining will peak in 2023.
Technical indications point to LINK cryptocurrency’s increasing momentum. The relative strength indicator shows the price of LINK’s upward momentum. The RSI was at 52 and trying to rise into the overbought zone.
The upward trend of Chainlink’s prices is visible on the MACD. For a positive crossover, the MACD line moves in the direction of the signal line. Wait for the bull to maintain momentum on the upper trend line before investing in LINK.
Summary
Smart contracts can be connected to external data sources via Chainlink, a decentralized oracle network, without revealing too much information. In 2017, Sergey and Steve launched it. The LINK cryptocurrency market has consolidated and therefore needs to break free. LINK cryptocurrency has risen by around 0.43% in the last week and 16.89% in the last month. Technical indications point to LINK cryptocurrency’s increasing momentum. Wait for the bull to maintain momentum on the upper trend line before investing in LINK.
Technical levels
Support level: $7.05 and $6.85
Resistance level: $7.65 and $10
Disclaimer
The views and opinions expressed by the author, or any persons mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional money exchange systems. She is also fascinated by the blockchain technology and its function.
