Chainlink has been amplifying after three years of trading sideways, and the major contribution has been from the strategic partnerships over the period of time. In this regard, we cannot ignore the fact that LINK is now one of the top 10 cryptos of the market and is trading around $12 at the time of writing.
Moreover, it was just two days back when a decentralized transmission network—Ping integrated with Chainlink to use the latter’s oracle to extend service to various blockchain networks. In this regard, Chainlink has amplified its use cases for their data.
IoT data provider @pingiotnetwork will use Chainlink oracles to service numerous blockchain networks. #Chainlink opens new use cases for their data like relaying IoT events on-chain, automating supply chain payments, confirming shipping fulfillment & more. https://t.co/XURBUcqvKa
— Chainlink – Official Channel (@chainlink) October 21, 2020
Chainlink’s oracle technology has some special functionalities that are not visibly present in other oracle networks or models. The platform’s major feature is its ability to easily connect to any API, which includes credentialed network as well.
Alongside, Chainlink also integrated Agoric—which is a smart contract platform to enables the future of global economic cooperation quickly and easily.
#JavaScript-enabled blockchain @agoric integrates #Chainlink on testnet for #DeFi price feeds. Having access to Chainlink's high-quality data & provably secure oracles simplifies smart contract creation for #JS devs, the world's largest developer community.
— Chainlink – Official Channel (@chainlink) October 21, 2020
This integration is on Chainlink’s testnet for DeFi price feeds to have access to high-quality & secure data oracles simplifies smart contract creation.
Chainlink Price Analysis
Today, LINK was seen trading at $12.4, and it notably breached 30-day resistance after hitting $10 and above. In this regard, Chainlink’s price trend against the greenback is already hitting the upper band with grounded support from MA50 & MA200 around $10 on the 5-hourly chart.
However, the price trend is seen drawing multiple pullbacks in the previous and ongoing month. With gradual pullback, Chainlink nosedived as low as $7.4 but has now strengthened by over 70% in less than 30 days until the current trading price. With a bullish sentiment in the market and positive Bitcoin movement above $12k and intermittent rise above $13k, the entire market sentiment seems following the pattern. The MACD indicator marks a bullish crossover, and the RSI is also inclined towards the overbought region and lies at 68.94.
