TL; DR breakdown
- The Chainlink price analysis underlines the collapse of LINK below the critical level.
- Recently, Chainlink’s Oracle solution has enjoyed steady acceptance from new projects.
- Leverage and Glitch Finance are the latest companies to incorporate Chainlink’s Price Feed.
- Chainlink is showing signs of a 25 percent price rally towards the $ 22 mark.
Thanks to its reliable and accurate pricing database, Chainlink is one of the few crypto assets that powers most DeFi projects. With the onboarding of Leverage and Glitch Finance, the two companies will use Chainlink’s Oracle solutions. While the former focuses on using the Chainlink blockchain to secure their credit and margin trading platform, the latter focuses on improving the DeFi and dApps landscape.
Following the recent market crash that saw several altcoins lose their value, Chainlink was trading at around $ 18.9. Based on previous price charts and trends, Chainlink appears to have an 18 month cycle that repeats, but within a new pricing range. This can be seen in the cryptos on chain metrics and the price chart. For example, the increase and decrease in demand and the number of active addresses across exchanges usually reflect the same trend.
According to yesterday’s trading session, the Chainlink price chart moved towards the 30-day low. Fortunately, today’s surge in price has caused the crypto coin to rise above this level to secure most of their private and institutional investors who bought the coin above the $ 17 mark.
As Glitch Finance announces its partnership with Chainlink’s Price Feeds, the price of crypto coins will go up. Glitch Finance is a blockchain-independent protocol. This partnership means that Chainlink will accelerate the development of Glitch Finance’s secure decentralized governance model and the mutual coordination of its DeFi applications. Chainlink Price Feeds currently provides precise price data for numerous virtual assets in a decentralized and secure manner.
According to Chainlink’s 24-hour price chart, the crypto coin appears to be poised for a spike after seeing a 30 percent decline between June 20 and June 23, which signals the start of a new price rally .
If the new price rally happens, Chainlink’s price will likely skyrocket 22 percent to retest the $ 21.02, which coincides with the 70.5 fibo retracement level and the $ 21.70 resistance level . A break above the $ 21.70 level will pave the way 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, the cryptocurrency will remain bearish unless Chainlink breaks above the 78 percent retracement level at $ 19.30. This will also mean bull exhaustion and signal weak buying pressure.
If Chainlink drops below this critical level, the crypto coin will cause a compelling break below the June 22 swing low at $ 15. This will automatically cancel all bullish projections. In such event, Chainlink will likely retest its January 13th swing low of $ 13.40.
Chainlink cryptocurrency and blockchain networks have received increasing attention since the beginning of the year. With few smart contracts using predefined terms, Chainlink seems to be the best technology available. The Chainlink platform provides a decentralized and effective way to ensure that important smart contracts are executed efficiently. This is another reason why the altcoin is receiving bullish forecasts over the long term.
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