In sync with gains in DeFi and rising TVL, the Chainlink price is back on track, adding seven percent on the last trading day.
As of writing on Mar 18, the LINK price is changing hands at over $30 on the last day, gaining against BTC and ETH.
Even though gains small versus Bitcoin, it shows that Chainlink marines are confident of the token’s prospects, adding to their longs as they aim to push LINK prices to new 2021 highs.
According to trackers, the upswing of LINK/USD prices is with relatively high trading volumes. In the past 24 hours, the average trading volumes rose 97 percent, nearly doubling, point to LINK bulls’ presence.
During this time, $1.5 billion of LINK tokens changed hands across DEXes as traders positioned themselves for price gains.
Chainlink Price Overview
The LINK price is ranging within a bull flag. Anchors are on late Feb’s losses. The absence of a follow-through, encouragingly, indicates optimistic traders.
From candlestick arrangement, immediate resistance is at $36—Feb 2021 highs. On the lower end, the buyers can find support along the main trend line, $26, and later $22. These are Mar and Feb 2021 lows, respectively, flashing with key Fibonacci retracement levels of the Jan to Mar 2021 trade range.
Gains above $36 opens up LINK/USD to $40 and even $50 in the medium term. On the flip side, sharp losses below $26 and the bull flag would confirm late Feb losses, paving the way for sellers shooting at $22 in the immediate term.
Chainlink Market Movers
Chainlink connects blockchains with real-world, tamper-proof data. It enjoys a first-mover advantage and is core to most DeFi protocols. The platform is useful in over 200 open finance projects.
Distinguishable, Chainlink differentiates itself from competitors since it is blockchain-agnostic.
It receives price feeds from over 64 partners:
That's 64 projects that are actively contributing to the growth of the @Chainlink network 👀👀
Remember, a sponsor represents a lot more than just a simple announcement 💡💡 pic.twitter.com/FAhQ6DCOlh
— TheLinkHound (@link_hound) March 17, 2021
Considering its role in DeFi—projected to command hundred of billions in TVL, institutional-grade investors now eye LINK.
Without #Chainlink's decentralized data oracles, your DeFi application is not decentralized.
Without Chainlink's Verifiable Randomness Function (VRF), your #NFT is not provably fair or provably rare.
Unverifiable randomness is the equivalent of centralized oracles: gameable.
— ⬡ The_Crypto_Oracle ⬡ (@Crypto___Oracle) March 17, 2021
Accordingly, Grayscale Investments has launched a Chainlink Trust.
Have you heard? We just launched five new digital currency investment trusts: https://t.co/wUTVJ9s4Xs
– Grayscale® Basic Attention Token Trust
– Grayscale® Chainlink Trust
– Grayscale® Decentraland Trust
– Grayscale® Filecoin Trust
– Grayscale® Livepeer Trust
— Grayscale (@Grayscale) March 17, 2021
At the same time, Chainlink plays a role in NFTs. Here, their VRF tool comes in handy in trait assignments and more. Aave-backed Aavegotchi, for instance, uses Chainlink’s rails:
Blockchain-based game @Aavegotchi uses #Chainlink VRF to summon Aavegotchi #NFTs in a verifiably fair manner. The generation of provably rare attributes increases collectibility and desirability and guarantees a level playing field for all users. https://t.co/DPm9OwvS0U pic.twitter.com/zGHrp533cb
— Chainlink Labs | We're Hiring (@Smart_Contract) March 17, 2021
Chainlink Price Prediction
The Chainlink price is up seven percent on the last day.
Bulls are in charge, and LINK/USD prices could bounce from spot rates above the bull flag in trend continuation.
A break above the resistance trend line, confirming the double-bar bullish reversal pattern of Mar 16 and 17, opens the LINK price to $36 in the immediate term. With increasing trading volumes, further gains could further propel the LINK/USD price to $54—the 1.618 Fibonacci extension level of the Jan to Feb 2021 trade range.
In the meantime, $26 and $22, the 38.2 and 61.8 Fibonacci retracement levels of the Jan to Feb 2021 trade range are immediate supports. Unexpected losses, with trading volumes exceeding those of Mar 17 (Binance data), may temporarily cause a dump towards $15.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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