Chainlink has a significant market share as an oracle provider.
As a go-to solution, anchoring DeFi in Ethereum, the platform remains blockchain-agnostic with tentacles in other promising ledgers.
Chainlink will, for instance, partner with Cardano—an ambitious protocol planning to bootstrap their DeFi ecosystem after activating smart contract capability.
Over the years, Chainlink has proven to be a solid project, at least from the fundamental lens, guided by a team of experienced professionals meaning well for the space reading from their actions.
Currently, their laser focus on DeFi and linking smart contracts to tamper-proof data has seen its valuation balloon.
Chainlink Market Performance and Price Status
As of writing, LINK—the protocol’s currency–is one of the most valuable in DeFi—despite the headwinds of the last few weeks.
A look at developments in the daily chart reveals that LINK crypto prices are steady, moving within a tight trade range but notably above a crucial support level.
After the rally of late July through to August, September is marked with retracements which bogged down progress.
However, as long as LINK prices trend above $20, the bullish breakout pattern of early August will be valid.
In that case, the correction of the second half of September 2021 would constitute a retest and a possible spring for more gains towards $35 and H1 2021 highs of $54 in the weeks or months ahead.
Is LINK Primed for More Losses?
Even with the bullish outlook, one trader on Trading View isn’t convinced of more gains in the days ahead.
Per the analyst’s view, Chainlink could contract back below the primary support at $20 towards $12 in the immediate term.
The trader says that doing so offers better entries for the discerning value investors/trader who maintains a bullish outlook on the project.
Technically, $12 represents a complete unwinding of July through August gains. The 100 percent retracement could shake bulls’ confidence—most of whom expect an immediate bounce from around spot rates towards $35—and September 2021 highs in the days ahead.
Chainlink Prices to Soar on Cardano’s Integration?
Another trader is of a contrary opinion maintaining that LINK is bullish and may break even higher in subsequent sessions at the back of Cardano news.
As LINK/USDT prices trend inside a falling wedge in an accumulation, traders could pick out timely entries as they prepare for more price expansions. In the analyst’s view, a close above $34-$36 resistance area—flashing with September 2021 highs which also double up as the immediate buy target—might see more heightened bullish activities.
In the intermittent term, a bullish signal would print once there is a clean break above $25 ideally with rising trading volumes. Technically, a breakout with high odds of sustaining the new-found trend ought to be with above-average volumes. Therefore, it would matter why the close above $25 ought be climactic.
LINK Ready for a 330% Gain to $116
Traders continue to drum up for Chainlink bulls.
Based on the weekly chart, one trader thinks LINK would do a 3X to over $100 in the weeks ahead.
The analyst observes that LINK/USDT prices are within a rising channel.
Even with the recent consolidation, LINK traders may find opportunities to scoop the token at spot rates.
In a buy trend continuation, LINK prices may surge past $52—May 2021 highs–more than doubling.
Charts courtesy of Trading View
Disclosure: Opinion is that of the author. Do your own research.
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