Smart contracts can connect to external data sources via Chainlink, a decentralised oracle network, without disclosing too much information. In 2017, Sergey and Steve launched it. In the DeFi ecosystem, Chainlink has emerged as a key protocol that supports smart contracts. The broad community of smart contract creators, node operators, and others powers the Chainlink network. Their distributed architecture makes it possible to obtain data that is impervious to manipulation.
Through LINK tokens, Chainlink compensates its operators or data suppliers. The network’s capacity to establish connections with the outside world has made it one of the most widely used DeFi protocols. Currently, it is one of the Oracle networks with the most usage. Chainlink is used by several stream applications, and they have access to over 1 billion data points via various protocols.
Recently, Chainlink VRF Ethereum was implemented into a well-known Korean chatbot to help with the NFT mystery box.
LINK has a market capitalization of nearly $3.7 billion, with 52% of the supply trading hands.By the end of 2023, considerable levels are anticipated for LINK. Numerous specialists predict that the asset price will continue to rise quickly in the future.
Chainlink Price Prediction and LINK’s Price Action!
Chainlink price prediction suggests that LINK cryptocurrency will enter a recovery phase throughout the day’s trading session. The LINK cryptocurrency market has been consolidating, thus it has to break free. Buyers are attempting to push the LINK cryptocurrency price above the top price level, nevertheless.
Chainlink price was $7.28 and during the day’s trading session, it increased 1.08% in market value. The intraday trading session saw a 33% increase in trade volume. Market capitalization to volume was 0.04036.
LINK cryptocurrency has risen by about 0.43% over the past week and 16.89% over the past month. Additionally, LINK Crypto has gained 30.96% year to date and Chainlink Crypto has recovered about 20.27% in three months, indicating that its recovery will peak in 2023.
Technical indications point to LINK cryptocurrency’s increasing momentum. The relative strength indicator displays the price of LINK’s upward momentum. The RSI was at 52 and was attempting to rise into the overbought zone.
The upward trend of Chainlink’s pricing is visible on MACD. For a positive crossover, the MACD line is moving in the direction of the signal line. Wait until the bull maintains momentum at the top trendline before investing in LINK.
Summary
Smart contracts can connect to external data sources via Chainlink, a decentralised oracle network, without disclosing too much information. In 2017, Sergey and Steve launched it. The LINK cryptocurrency market has been consolidating, thus it has to break free. LINK cryptocurrency has risen by about 0.43% over the past week and 16.89% over the past month. Technical indications point to LINK cryptocurrency’s increasing momentum. Wait until the bull maintains momentum at the top trendline before investing in LINK.
Technical Levels
Support Level: $7.05 and $6.85
Resistance Level: $7.65 and $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/10/chainlink-price-prediction-link-crypto-seeks-stability-to-escape/