- ChainLink (Link) Surging, adds 75.6 percent
- Google entry and listing at Coinbase significant for Link
Oracles are the future, and Google is strategically positioning itself to be a valuable source of verifiable data. By partnering with ChainLink, Link which also got a “Coinbase Effect” boost, is bullish in the long term. At spot rates, the token is up 75.6 percent from last week’s close.
ChainLink Price Analysis
Fundamental
In the top 20, LINK is conspicuous. Not by what the token represents but because of its price performance in the last few weeks. Impressive as it is, there is more to ChainLink that what meets the eye.
Desirous, their overarching ambition is to make smart contracts even smarter. That means “feeding” fragmented blockchains equipped with smart contracting capabilities with outside, real-time data. If anything, that shall open a whole lot of possibilities.
Aptly and confidently mentioned by Vitalik Buterin, the prediction market is grossly undervalued. Therefore, while smart contracting eliminated the middle man, Oracles shall eliminate limitations.
Already, Google is meticulous enough to sense opportunity and is consequently eyeing the higher price. By partnering with ChainLink, blockchain’s value is gradually building on the first layer, that is of tokenization. It could be minute in the eyes of critics, but this is undoubtedly the general trajectory of the blockchain space.
The era of smarter smart contracts made possible by Oracles is on. It could be, in a way, the reason why Ethereum’s figureheads are on overdrive working towards the timely activation of Beacon Chain and later Ethereum 2.0.
Once it is active, the Ethereum network will shake off scalability concerns. After that, ChainLink will build on, striking more high-level partnerships as a result.
Candlestick Arrangement
Outperforming popular crypto assets, Link is up 75.6 percent from last week’s close. The trend is Northwards, and from previous LINK/USDC price analysis, it is clear that buyers are in control. With a perpendicular explosion, bulls are firmly in control.
Although there is always a possibility of a pullback, the entry of heavyweights is bullish for the coin in the long run. Therefore, in light of the above, every dip is loading opportunity now that Link is trading within a bullish breakout pattern against the USD.
Building on June 29 uptick, support is at $3.2. Should there be a correction below this level, then better entry opportunities shall be at $2.6 or the middle Bollinger Band.
Technical Indicator
Distinct, June 29 leads this trade plan. Behind the upswing are ultrahigh trading volumes of 1.6 million against 435k. Since prices are oscillating within its trade range, ideally, confirmation of buyers ought to be with similar participation exceeding 1.6 million or at least recent average of 600k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock