- Chainlink price analysis highlights LINK’s plunge below critical levels.
- Recently, Chainlink’s oracle solution has been enjoying constant adoption from new projects.
- Leverage and Glitch Finance are the latest companies to integrate Chainlink’s Price Feed.
- Chainlink is showing signs of a 25 percent price rally towards the $22 mark.
Thanks to its reliable and accurate price database, Chainlink is one of the few crypto-assets that fuel most DeFi projects. With the onboarding of Leverage and Glitch Finance, the 2 companies will leverage Chainlink’s oracle solutions. While the former focuses on using Chainlink blockchain in securing its lending and margin trading platform, the latter will focus on improving the DeFi and dApps landscape.
Following the most recent market crash that saw several altcoins depreciate, Chainlink found itself trading at around $18.9. Based on former price charts and trends, Chainlink seems to have an 18-month cycle that repeats itself but within a new price discovery range. This is evident on the cryptos on-chain metrics and price chart. For instance, the increase and decrease of demand and the number of active addresses across exchanges usually reflect the same trend.
According to yesterday’s trading session, the Chainlink price chart was headed towards the 30-day low. Fortunately, today’s price surge has seen the crypto coin appreciate above this level to secure most of its retail and institutional investors who had bought the coin above the $17 mark.
With Glitch Finance announcing its partnership with Chainlink’s Price Feeds, the crypto coin price is set to move higher. Glitch Finance is a blockchain agnostic protocol. This partnership means that Chainlink will accelerate the development of Glitch Finance’s secure decentralized governance model and inter coordination of its DeFi applications. At present, Chainlink Price Feeds provides accurate price data for numerous virtual assets in a decentralized and secure manner.
According to Chainlink’s 24-hour price chart, the crypto coin appears set for a surge after registering a 30 percent plunge between June 20 and June 23. Despite registering a 27 percent bounce after the plunge, Chainlink price action has been retracing, forming a potential higher low that signals the start of a new price rally.
If the new price rally happens, Chainlink’s price will probably skyrocket by 22 percent to retest the $21.02, which coincides with the 70.5 Fibo retracement level and the $21.70 resistance level. A break out above the $21.70 level will open the path for the bulls to take over the coin price towards the subsequent supply barrier and the 50 percent Fibo retracement level, at $24.10 and $25.21, respectively.
Regardless of the positive outlook associated with the new partnerships, if Chainlink fails to breakout above the 78 percent retracement level at $19.30, the crypto will remain bearish. This will also signify exhaustion on the part of the bulls and signal weak buying pressure.
If Chainlink breaks down below this critical level, the crypto coin will lead to a convincing plunge below the June 22 swing low at $15. This will automatically cancel all the bullish projections. In such an event, Chainlink is likely to retest its $13.40 swing low registered on January 13.
Chainlink cryptocurrency and blockchain networks have been receiving increased attention since the beginning of the year. Since few smart contracts are utilizing predefined conditions, Chainlink seems to be the best available technology. The Chainlink platform avails a decentralized and effective way of making sure vital smart contracts are executed efficiently. This is another reason why the altcoin has been getting bullish projections in the long term.
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