“¢ Bulls back to put LINK price up
“¢ Price may test the critical $20 level soon
“¢ New DEFI projects continue positive outlook for coin
Chainlink (LINK) was one of the main sufferers in the crypto market bloodbath in June. After touching a high of $50 in early May, the price careened all the way down to $16.50 in mid-June. Bearish sentiment persisted until a couple of days ago when an upswing commenced with the price rising to around $19.20 on June 24. A slight reversal occurred over the past 24 hours with the price dropping to $18.65.
LINK Strengthens Credentials With New Partnerships
Chainlink got a reputational boost with two new partnerships recently. Both Glitch Finance and Lever announced that they have signed agreements with Chainlink to leverage its oracle solutions. Glitch focuses on the improvement of the DeFi landscape and dApps. Lever is expected to use LINK to provide security to its margin and lending platform.
Chainlink Price Feeds is an innovative solution that provides price data for a number of cryptocurrencies in a secure manner. The information is then validated on-chain for market coverage as well as resistance against volatility in the market.
“The GLITCH blockchain protocol offers developers a highly scalable and low-cost delegated proof-of-stake (DPoS) network to begin building the next generation of smart contracts”.
The launch of Glitch’s decentralized exchange will allow Chainlink’s oracle solutions to play a pivotal role. Integration should provide a time-tested infrastructure for leveraging off-chain data and computation, the press release said.
Lever which is an automated Market Maker (AMM) also announced the integration of Chainlink into its decentralized margin trading platform. This collaboration allows Lever to issue loans, check limit order conditions, verify open margin positions and help with collateralization.
On their selection of Chainlink price feeds, Lever states that it is: “both accurate and reliable during extreme conditions. It also ensures users are protected against exchange downtime, flash crashes, and data manipulation like flash loan attacks”.
Chainlink Price Prediction: LINK to test $20 levels
Although LINK crashed by a huge 30% between June 20 and 22, there appears to be positive sentiment towards this coin. It rises a further 27% from its low and should no retrace to a higher low for a new uptrend to commence.
If this uptrend begins, it seems likely that LINK will rise by around 20% to test the retracement level of $21. Resistance appears at 21.65 but a breach of the $21.59 mark should see bulls enter the market to push the price way over the $24 mark. It should likely settle at the $25.20 level before encountering further resistance and a possible retracement. However, the general outlook looks bullish after weeks of steady declines.
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Gerald Fenech
