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Chainlink (LINK) Technical Analysis: Will the price pick up?

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Chainlink had been a well-performer in the bull run. The year-to-date growth of Chainlink is 178%. The altcoin rose form $11 to an all-time high of $44. Chainlink has been on a descent ever since the establishment of its all-time high. In the daily timeframe, the cryptocurrency’s price fell by 15% although the daily trading volume has gone up by nearly 100%.

Chainlink (LINK) Technical Analysis

The market sentiment for Chainlink is bearish with a majority of the technical indicators giving out a signal of sell. Out of the 26 total technical indicators, 12 are standing at a sell position, nine are neutral while only five are giving out a buy indication. Both the oscillators and moving averages are mainly bearish.

Chainlink (LINK) technical analysis

Chainlink is under strong market corrections. The cryptocurrency has invalidated most of the bullish analyses and is aggressively testing support levels. Chainlink has broken the strong support level at $32 identified by trader CryptoTaiwan. The next support level lies at $28 and it is crucial for Chainlink to hold in order for it to stabilize.

Major developments you should know of 

Karura the decentralized finance hub of Kusama Foundation had recently announced the integration of Chainlink price feeds. Karura is a parachain optimized to power DeFi apps while offering unmatched scalability. Chainlink oracles have been proven to be one of the best – if not the best – in the market and both parties will benefit immensely from the partnership.

eToro, the leading cryptocurrency exchange, has announced the offering of Chainlink to its 20 million users. The move can be attributed to the high success of Chainlink oracles which has led to increasing institutional interest in cryptocurrency. Chainlink also has a high retail demand.

The project has also recently published whitepaper 2 which introduces the second upgrade of Chainlink. The whitepaper entailed some interesting and major developments to be made to the network which will result in increased efficiency and security. The developers will focus on 7 core areas of the network – hybrid smart contracts, scaling, confidentiality, trust-minimization, incentive-based security, decreased complexity, and fairness for transactions.

What is Chainlink?

Chainlink is a cryptocurrency that serves as a bridge between real-world data and smart contracts. Chainlink decentralizes the procedure of gathering individual oracles to gather and verify data for smart contracts. Chainlink is one of the leading oracle providers in the cryptocurrency industry.

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