- Chainlink price validates a bullish breakout above a crucial falling trend line.
- Chainlink introduces a low-latency oracle solution for the DeFi derivatives market.
- Holding above the 100-day SMA support is necessary to continue the uptrend to $9.46.
Chainlink price is back in the green after confirming support at $6.50. The price feed oracle token wiped out most gains accrued in September amid an unstoppable correction in October. With the price trading above a three-month-long trend line, LINK could quickly close the gap to $9.46.
Chainlink launches an oracle solution for the DeFi derivatives market
Chainlink has tapped into the growing DeFi (decentralized finance) market with its new “ultra-low latency pull-based price oracles—to enable and secure this immense on-chain market.” It anticipates the DeFi derivatives sector to continue growing in the future, and this development will revolutionize value creation among dApps (decentralized applications).
“We anticipate that a testable version of this new pull-based Chainlink oracle solution will be ready by the end of the year,” a related blog post said in part.
Chainlink has, over the years, established itself as the go-to platform for oracle-based price feeds. The protocol’s solutions are used across the crypto market, especially by smart contracts platforms.
This early entrance into the DeFi derivatives market is bound to give Chainlink an edge over its competitors while creating value for the network’s native token, LINK.
Chainlink price is on the move
Chainlink price holds above the 100-day EMA (Exponential Moving Average) (in blue), currently at $7.53. A break above a falling trend line catalyzed LINK price for a 32% bullish move to $9.46 – a profit target highlighted by the 200-day SMA (in purple).
LINK/USD daily chart
LINK’s potential climb to $9.46 is supported by a buy signal from the MACD (Moving Average Convergence Divergence) indicator. A daily close above the 100-day coupled with the MACD holding above the mean line will probably add credibility to the Chainlink price bullish outlook.
On the other hand, shorting LINK could only prove profitable if bulls fail to break above the hurdle at $8.00. Trading below the 100-day EMA may confirm a bearish trend reversal, where Chainlink price could revisit lower support areas at $7.00, $6.50 and $6.00, respectively.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.