Tanya Abrosimova
Independent Analyst
- Chainlink integrates four new projects amid the growing popularity of the network.
- LINK/USD is ready to settle above $8.00 and retest the recent high on approach to $9.00.
Chainlink (LINK) is changing hands at $7.98 within a striking distance of the psychological $8.00. The coin with the current market value of $2.77 billion gained nearly 10% in the recent 24 hours and moved to the ninth position in the global cryptocurrency market rating. LINK/USD bottomed at $6.99 on Tuesday, July 21 and has been growing ever since. The coin experienced sharp growth in recent hours, having gained over 5% of its value.
Fundamental background
From the fundamental point of view, LINK is supported by a slew of positive news and developments. Thus, T-Systems MMS,a subsidiary of Deutsche Telekom announced that it would run a node on Chainlink blockchain.
“By providing real-world data to the Chainlink network, T-Systems MMS engages in a so-called ‘generalized mining’, where it provides an IT service to a blockchain network while getting paid in digital assets for reliably doing so. As there is a significant value locked in DeFi, such IT services play an important role in the overall Ethereum ecosystem.”
Apart from T-Systems MMS, three additional projects integrated Chainlink into their infrastructure. ThusReflexer will use ChainLink’s ETH/USD price reference to support the RAI testnet bond; FirmaChain is integrating will use the technology to create seamless digital contracts; ENJ/ETH price reference feed has been launched on the LINK mainnet, which means gaming developers can use the information when dealing with Enjin based digital assets.
LINK/USD: Technical picture
On the intraday chart, LINK/USD jumped above 200-hour SMA at $7.92. Now this technical level serves as local support that may stop the downside correction. Now the price is trying to clear the resistance created by psychological $8.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,00 with the previous high located on the approach to this level.
On the downside, the local support is created by 100-hour SMA at $7.60. If it is broken, the sell-off may be extended towards $7.00.
LINK/USD 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Will BTC reach $100K this week?
Bitcoin edges higher and trades at around $91,600 at the time of writing on Tuesday while consolidating between $87,000 and $93,000 after reaching a new all-time high (ATH) of $93,265 last week. Ki Young Ju, founder and CEO of CryptoQuant, says Bitcoin euphoria is here and shorting now could be either catching the top — or shorting at the bottom of a parabolic bull run.
Solana bulls target new all-time highs
Solana (SOL) extends its bullish momentum and trades in green at around $242.80 at the time of writing on Tuesday after rallying more than 45% in the last two weeks. On-chain data hints at further gains as SOL’s Open Interest, trading volume, and fees reach new record highs.
SEC case against Kraken gains momentum as judge dismisses appeal
A federal judge in California has rejected Kraken's request to appeal a ruling allowing the Securities and Exchange Commission (SEC) lawsuit against the cryptocurrency exchange to move forward. On Monday, judge William Orrick ruled that permitting an interlocutory appeal now would only postpone the case's resolution.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.