Connect with us

Price Analysis

Here Is Why Chainlink (LINK) Can Go to $20

Published

on

Chainlink Price Analysis

MetaGunner, a PlaytoEarn project, has officially implemented Chainlink Price Feeds. MetaGunner is the latest BSC GameFi project to include Chainlink Pricing Feeds, which ensures high-quality, tamper-proof price feeds. MetaGunner and Chainlink Price Feeds made the announcement public in a press release shared exclusively with BSC News. The PlayToEarn project team emphasised integration as an essential step in ensuring the success of their NFT Marketplace. With NFTs of both people and weaponry being such an important part of the GameFi project’s attractiveness, the team recognised the need of securing these features. The MetaGunner team sent an exclusive statement to BSC News on their future plans to continue improving their NFTs.

Celsius has announced the integration of Chainlink Proof of Reserve (PoR) to allow for the generation of auditable and highly secure cross-chain wrapped tokens. The popular lending tool that allows users can earn interest on deposited crypto will successfully connect wrapped versions of Cardano, Dogecoin, and Ethereum to the Polygon mainnet with this integration. Chainlink is a blockchain-agnostic protocol that makes use of the most comprehensive collection of decentralised services–supporting over 700 oracle networks. Chainlink PoR will aid in the accountability of Celsius by allowing anybody to check the collateralization of Celsius’ wrapped cross-chain tokens in real-time.

Key Takeaways (LINKUSD)

  • Founder and CEO of MetaGunner, Andy Ly, said, “With Chainlink Price Feeds, MetaGunner’s NFT Marketplace now has the high-quality price reference data it needed to help ensure users can seamlessly and securely convert assets and purchase items. Chainlink Price Feeds stand out from other oracle solutions as they offer unrivaled reliability and security guarantees.”
  • “Chainlink PoR replaces lengthy, opaque audits with automated, transparent audits backed by cryptographic truth, empowering users to verify asset collateralization in a way that outmatches traditional solutions,” said, Co-founder of Chainlink Sergey Nazarov.

Price Analysis of LINKUSD

Fear & Greed Index: 20, Extreme Fear

All-time High: $52.88

ROI: 10914.47%

24h change: -1.94%

7d change: 19.96%

Market Cap: $8,031,247,728

Circulation Supply: 467,009,550 LINK

Total Supply: 1,000,000,000 LINK 

Daily Chart Breakdown of LINKUSD

LINKUSD Price Analysis

Source: TradingView

The LINK price made a lower low around $14.35 a week ago and has been struggling to gain bullish momentum since then. We can see an RSI bullish divergence on the daily timeframe, which then led to this recent move. If the bulls can maintain their momentum, we might see a rally towards $23. On the other hand, a break below $14 will push the market towards $10.

4h Chart Breakdown of LINKUSD

LINKUSD Price Analysis

Source: TradingView

LINK’s price is moving in a rising channel and has been rejected from $18. We might see a rally towards $19 if the bulls can maintain their momentum.

1 Hour Chart Breakdown of LINKUSD

LINKUSD Price Analysis

Source: TradingView

We have a bullish divergence on a 1h timeframe as well that can push the market toward $18. On the other hand, a break below $16 will push LINK back towards lows.

Final Thoughts

Chainlink, like other cryptocurrencies, has been struggling to gain strength for the past two months. Bitcoin serves as a benchmark for the cryptocurrency market, and other altcoin’s prices move according to BTC price. BTC is struggling itself. Therefore, we can see its impact on the whole crypto market.

I have been in financial markets since 2013. With a diverse experience of different asset classes, I trade and create educational content for Crypto, Forex and Stock Markets.

Trending