- Chainlink price prediction remains strongly bullish above the $28.95 level.
- Chainlink’s team is planning to launch its proof-of-reserve and verifiable random function on layer two soon.
- Forex trading market participants should look for a buy trade above the $28.95 level.
A day before, the LINK/USD closed at $27.89 after placing a high of $27.96 and a low of $25.91. The Chainlink surged and turned green for the day as the Chainlink’s data oracles were now live on Arbitrum One’s Ethereum scaling solution. Chainlink price prediction remains strongly bullish above the 28.95 level, and it has the chance to test the resistance level of 32.95.
Chainlink’s team to launch proof-of-reserve and verifiable random functions
The Chainlink’s team was also planning to launch its proof-of-reserve and verifiable random function on layer two soon. This launch will now successfully allow the developers building on Arbitrum One to access financial market data directly on-chain.
It will also provide enhanced functionality to decentralized exchanges, algorithm stablecoins, and other advanced decentralized finance products on the Arbitrum One network. Other leading Defi protocols, including Aave, MCDEX, and Tracer DAO, have already expressed their intentions to use CHainlink’s data oracles for their Arbitrum deployments.
The co-founder of Offchain Labs, and the team behind Arbitrum, El Felten, has recently commented. They said that providing smart contract developers on Arbitrum One with native access to Chainlink’s oracle network was essential to confirm that all smart contract use cases on the Ethereum blockchain can be seamlessly ported over to Arbitrum with next to zero changes. This news added strength to the LINK/USD prices and pushed them further to the upside.
Weaker US dollar pushes LINK/USD above $28.95
The declining prices of the US dollar also added strength to LINK/USD on Sunday as the greenback was weak across the board. The poor-than-expected US Consumer Sentiment from August raised concerns about the tapering of asset purchases by the Federal Reserve and weighed on the US dollar that lifted LINK/USD higher as both have a negative correlation with each other.
Chainlink Price Prediction – Daily Technical Levels
Support Resistance
26.54 28.59
25.21 29.29
24.50 30.63
Pivot Point: 27.25
Chainlink Price Prediction – Daily Technical Analysis: Can Link Target $32?
Chainlink price prediction is strongly bullish above the $28.95 support level. The LINK/USD pair has already violated the double top resistance level, and now it’s heading north towards the next resistance level of $33.03.
On the 4-hour chart, the LINK/USD pair has closed a solid bullish engulfing candlestick pattern, suggesting substantial bullish bias among investors. Therefore, the odds of LINK to test 33 resistance level remains pretty stable.
On the bearish side, the $28.95 support level’s violation can extend the LINK/USD pair towards $25.95 and $22.36 levels. In contrast, a bullish breakout of $33 can lead the LINK towards a $35 resistance level.
The 50 days EMA (exponential moving average – red line) supports a strong bullish trend in the LINK/USD. While the oscillator indicator Stochastic RSI is suggesting a dramatic buying trend.
Thus, the Forex trading market participants should look for a buy trade above the $28.95 level. The initial target remains at $33 and $35. All the best.
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