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ChainLink (LINK)

Chainlink Price Eyes $20 Rally As Major Reversal Pattern Emerges

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5 months ago

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The crypto market showcased low volatility on the weekend following the neutral candle formation in Bitcoin. Most of the major altcoins including Chainlink (LINK) showed intraday sideways action in an attempt to stabilize after a weekday rally. While the consolidation has stalled the Chainlink price rally at $14.7 resistance the formation of a bullish reversal pattern hints at the potential for an impending breakout.

BINANCE:LINKUSDT Chart BINANCE:LINKUSDT Chart
Chainlink Price| Tradingview

Amid the July market recovery, the Chainlink coin managed to bottom out its prevailing correction trend at $12.2. This multi-month support intact since January 2024 has prevented the LINK holds from major correction.

Intersently, the horizontal level aligns closely with the 38.2% Fibonacci retracement level and 200W EMA, creating a high accumulation zone. A bullish turnaround from $12.2 has boasted the asset 18.45 to trade at $14.4, while the market cap jumped to $8.75 Billion.

Moreover, the Chainlink price analysis in the 4-hour chart revealed the reversal as an inverted head and shoulder formation. This chart pattern is in sign-on bottom formation with a fresh breakout opportunity once obtained after the neckline breakout.

A potential breakout from the neckline at $14.7 will accelerate the bullish momentum and may push the LINK price 12% before it faces the next major resistance. 

An analysis of the daily chart shows the development of a falling wedge pattern. In theory, the wedge pattern signals the maturity of a downtrend and the opportunity to launch a counterattack. The two converging trendlines dynamic support and resistance have carried a correction trend for the past 5 months.

BINANCE:LINKUSDT Chart Image by sahilmahadik07BINANCE:LINKUSDT Chart Image by sahilmahadik07

Thus, the potential retest to the pattern’s boundary will act as pivotal momentum for the LINK price prediction. A bullish breakout signals an initial sign of trend reversal. The post-breakout rally could drive the Chainlink price.

However, if the overhead supply pressure persists, the LINK coin price may enter another correction and tend to retest $12.2 support.

Technical Indicator:

  • Exponential Moving Average:  The LINK price jump above daily EMAs 20D and 50D EMA indicates the near-term trend is shifting bullish.
  • Average Directional Index: The falling ADX slope at 27% indicates the prevailing bearish trend is losing its momentum.

Frequently Asked Questions (FAQs)

The Exponential Moving Average (EMA) is a type of moving average that gives more weight to recent price data, making it more responsive to new information

The 200-Week EMA is a long-term moving average that smooths out price data over approximately four years.

A Fibonacci retracement level is a technical analysis tool used to identify potential support and resistance levels.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Chainlink and Hedera Unite To Revolutionize DeFi and Real-World Asset Tokenization

Published

7 days ago

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December 16, 2024

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Hedera network has announced its integration with Chainlink’s decentralized oracle solutions to transform decentralized finance (DeFi) and real-world asset (RWA) tokenization. This collaboration incorporates Chainlink’s Data Feeds and Proof of Reserve into the Hedera ecosystem, introducing a secure, transparent, and decentralized data infrastructure for developers.

According to a recent announcement, Hedera has adopted Chainlink Data Feeds to enhance the security and transparency of its DeFi applications and tokenized real-world asset platforms. The integration ensures that developers on the Hedera network gain access to accurate, tamper-proof market data critical for building decentralized financial products.

By using Chainlink’s decentralized oracle networks, Hedera developers can fetch reliable off-chain data for various applications. These include automated market makers (AMMs), lending protocols, and decentralized exchanges (DEXs). This infrastructure eliminates risks of data manipulation, improves risk management, and promotes liquidity in DeFi markets.

The integration also strengthens Hedera’s ability to attract institutional users who require data verification systems for financial operations. This collaboration addresses long-standing challenges of trust and scalability in top DeFi protocols.

Proof of Reserve Enhances Transparency for Tokenized Assets

Chainlink’s Proof of Reserve (PoR) functionality has been integrated into the Hedera network to support the collateralization of tokenized assets. The tool provides real-time, on-chain verification of reserves. This ensures that tokenized RWAs are fully backed by their corresponding underlying assets.

The PoR feature fetches reserve data from custodians and publishes it on-chain, allowing developers and users to access information instantly. This automated verification reduces risks associated with undercollateralized assets and enhances trust in tokenized financial products. Additionally, the decentralized nature of PoR eliminates single points of failure, ensuring transparency and security.

More so, this integration, makes the tokenization process accessible for businesses seeking to leverage blockchain technology for asset management.

To encourage innovation, the HBAR Foundation has joined the Chainlink SCALE program, which subsidizes oracle services for developers on the Hedera network. The initiative will reduce costs associated with accessing the Oracle network’s decentralized infrastructure.

By participating in the SCALE program, Hedera boosts a developer-friendly ecosystem. This partnership equips developers to build DeFi protocols and tokenized RWA applications while maintaining cost efficiency.

Following the announcement, market activity surrounding LINK and HBAR tokens has increased. Moreover, analysis shows that recent developments have driven positive movements for LINK price with a potential for a rally to $60. Key factors include Coinbase’s integration of LINK’s Oracle network and World Liberty Financial’s $1 million investment, fueling investor confidence.

On the other hand, Hedera price showed a slight reaction to market volatility, with minor upward movement in price. At press time, HBAR price was trading at $0.2881, showing a slight 1.24% decline despite the developments.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Chainlink Price Jumps 10%, Will LINK Hit $50?

Published

1 week ago

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December 14, 2024

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Chainlink (LINK) price has witnessed a surge climbing over 10% in the last 24 hours after establishing support at the intra-low of $27.81. The cryptocurrency is trading near $29.98, with analysts suggesting a potential rally toward $50 in the coming weeks.

This trend follows a breakout from a long-term downtrend that spanned multiple years, supported by strong buying momentum and technical patterns. Subsequently, during the rally, LINK’s market capitalization jumped by over 9% surpassing the $18.7B market cap despite a dip in the 24 hour trading volume by 32%.

Chainlink price current rally can be attributed to its recent breakout from a prolonged downtrend. The cryptocurrency experienced a notable shift in Q4 2024 after consolidating within a falling wedge pattern. Amid this recovery, Donald Trump’s World Liberty Finance has bought LINK tokens worth over $2.3m due to the Blackrock partnership speculation as we earlier reported.

According to ZAYKCharts, the breakout began after Chainlink price surpassed resistance levels at $13.50 and $17.50 earlier this year. These price levels, which previously acted as barriers, have now turned into key support zones. Following the breakout, Chainlink’s price has accelerated, with strong buying activity pushing it higher.

ImageImage

At press time, Chainlink is approaching critical resistance near $30.40, with analysts closely monitoring its price action for confirmation of further movement. A decisive close above this level is expected to pave the way for additional gains.

Moreover, Ali, a top crypto analyst on X, stated, “Chainlink looks like it wants to break out to $34. I will be watching for an hourly close above $30.4 to confirm the breakout.” Beyond $30.40, intermediate resistance zones are identified in the $35–$40 range, with a longer-term target of $55.39 being projected.

Concurrently, several technical patterns support the ongoing bullish momentum for Chainlink. Crypto analyst ZAYKCharts highlighted two falling wedge patterns observed over the last three years.

The first wedge formed between 2021 and early 2022, while the second pattern developed between 2022 and late 2024. Both patterns culminated in bullish breakouts, signaling the end of Chainlink’s extended downtrend.

Subsequently, with its current trajectory, Chainlink price could be positioned for long-term growth. Analysts from ZAYKCharts have projected that LINK price could reach $55.39 if it sustains its current momentum and clears key resistance levels, a 467% rally.

ImageImage

The current LINK price rally has been further fueled by a 190% gain in Chainlink’s price since the breakout, reflecting increasing investor interest and strong market demand. Moreover, open interest in LINK derivatives has also risen by 13.82% in the last 24 hours, reaching $908.70 million.

On the LINK price 4hr chart, the Relative Strength Index (RSI) is moving above the 50 region reflecting the ongoing bullish momentum. However, the RSI has recently moved into the overbought region and is now below its signal line with a rating of 61.70 pointing to a potential correction soon.

Adding to the correction potential, the Moving Average Convergence Divergence (MACD) is converging reflecting the weakening bullish momentum. This MACD trend points to a consolidation phase looming backing the crypto analyst projection of a breakout to $34.

LINK/USD 4hr price chart (source: TradingView)LINK/USD 4hr price chart (source: TradingView)
LINK/USD 4hr price chart (source: TradingView)

Moreover, the candlesticks have been consistently forming near the upper band without breaking below the middle band which is a signl to a strong bullish momentum. Adding to the Chainlink price bullish momentum, the Chaikin Money Flow (CMF) is moving in the positive region which is an indication of rising buying momentum, hence potential LINK price bullish breakout to the upside looming.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Drops Below $100K, LINK Gains 6%

Published

2 weeks ago

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December 9, 2024

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The crypto prices today exhibited bearish momentum, with Bitcoin (BTC) and major altcoins declining. XRP recorded a 5% drop, making it the worst performer among the top 10 cryptocurrencies. In contrast, Chainlink (LINK) emerged as the top gainer, with a 6% rise in the last 24 hours.

Overall market capitalization decreased by approximately 2% to $3.65 trillion. Trading volume increased by 2% to $155 billion. These trends reflect the fluctuating nature of crypto prices today.

Here’s a brief overview of some leading cryptocurrencies by market cap and their prices today, December 9.

Crypto Prices Today: BTC at $99K, ETH, XRP, SOL Drop

Bitcoin (BTC) price suddenly fell by $2,000, dropping from $101,000 to $99,000. Major altcoins followed Bitcoin’s downward trend, declining by 2% to 5%. Meme coins also faced a bearish momentum, with prominent coins like Dogecoin (DOGE) and Shiba Inu (SHIB) showing losses of 2% to 4%. Crypto prices today indicate a market-wide pullback, reflecting cautious investor sentiment.

Bitcoin Price Today

Bitcoin (BTC) price was trading at $99,245 at the time of writing, marking a 1% decline over the past 24 hours. Its 24-hour low and high were $98,698 and $101,324, respectively. Bitcoin’s market capitalization stood at $1.96 trillion, with a trading volume of $50 billion and a market dominance of 54.03%.

In related developments, Bitcoin entered a boom phase following Donald Trump’s victory in the U.S. presidential elections. The Trump administration is reportedly considering creating a strategic Bitcoin reserve for the country. Additionally, MicroStrategy‘s Founder and Chairman, Michael Saylor has entered the discussion surrounding the proposed Bitcoin reserve, drawing significant attention from the crypto community.

Ethereum Price Today

Ethereum (ETH) price was trading at $3,951, with a 24-hour low of $3,925 and a high of $4,015. Its market capitalization stood at $475 billion, with a 24-hour trading volume of $24 billion. Ethereum holds a market dominance of 13% and remains the second-largest cryptocurrency by market cap. As crypto prices today show strong momentum, Ethereum continues to be a major player in the market.

XRP Price Today

XRP price was trading at $2.489, with a 24-hour low of $2.469 and a high of $2.639. Its market capitalization stood at $142 billion, with a 24-hour trading volume of $11 billion. XRP had a market dominance of 3.91%, reflecting its position within the top cryptocurrencies by market cap.

Solana Price Today

SOL price was trading at $232, with a 24-hour low of $231 and a high of $241. Its market capitalization stood at $110 billion, with a 24-hour trading volume of $3 billion. Solana is now ranked 5th by market cap, with a market dominance of 3%. Crypto prices today showed moderate fluctuations for Solana, reflecting its ongoing market performance.

Crypto analysts are predicting that Solana could reach $420 during the upcoming festive season. This projection is based on expected increased demand and positive market sentiment surrounding the token.

Meme Crypto Prices Today

Top meme coins have also followed the broader market trend, showing a decline. DOGE was down by 2%, trading at $0.45, while SHIB fell by 4%, now trading at $0.00003131. Other popular meme coins like BONK and WIF saw losses between 4% and 6%. However, PEPE was an exception, recording a 4% increase, trading at $0.00002684.

In a positive development for Shiba Inu, its Layer-2 scaling solution Shibarium reached a significant milestone, crossing the 2 million wallet mark 16 months after its launch. Crypto prices today reflected a mixed performance in the meme coin market, with some coins experiencing minor gains while others continued to decline.

Top Crypto Gainer Prices Today

Chainlink (LINK) price was the top gainer in the last 24 hours, seeing an 8% increase. It was trading at $26.82, with a 24-hour low of $24.71 and a high of $27.22. With a market capitalization of $17 billion, LINK remains among the top 20 cryptocurrencies by market cap reflecting its strong performance in the market.

Mantle

Mantle (MAN) price was trading at $1.20, up by 5% in the last 24 hours. Its 24-hour low and high were $1.16 and $1.34, respectively. The market cap stands at $4 billion.

Pepe

Pepe (PEPE) price was up by 4%, trading at $0.0000266, with a 24-hour high of $0.00002746. Its market cap stands at $11 billion.

Top Crypto Loser Prices Today

Peanut the Squirrel

Peanut the Squirrel (PNUT) price was down by 12% in the last 24 hours, trading at $1.39. Its market cap stands at $1.38 billion. Crypto prices today show this as the worst performer among top coins.

EOS

EOS (EOS) price was trading at $1.26, down by 7% in the past 24 hours. Its 24-hour low and high were $1.25 and $1.34, respectively. Its market cap stands at $1.9 billion.

Jupiter

Jupiter (JUP) price was trading at $1.29, down by 6% from the last 24 hours. Its 24-hour high was $1.38, with a market cap of $1.75 billion. It was the third-worst performer among crypto prices today.

The hourly chart looks bearish for the crypto market, with major altcoins down in the last hour. Bitcoin (BTC) was down by approximately 1%, and macro altcoins saw declines ranging from 0.5% to 2%. Crypto prices today reflect the downward momentum in the market, indicating short-term pressure on the leading cryptocurrencies.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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