Tag: Link

Chainlink (LINK) Approaching Decision Time, According to Crypto Analyst Benjamin Cowen – Here’s Why

by Dailyhodl

Chainlink (LINK) is starting to regain important levels it needs to recover after a rough 2021, according to crypto analyst Benjamin Cowen.

Cowen tells his 680,000 YouTube subscribers that traders should pay attention to whether LINK is above or below its “bull market support band,” a technical indicator that’s a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

Chainlink’s bull market support band on Tuesday ranged from $25 to $26.40, according to the analyst. LINK surpassed that level on Wednesday and is trading at $26.43 at time of writing.

LINK is a cryptocurrency designed to incentivize the use of Chainlink’s oracle network which connects smart contracts and allows any blockchain to access real-world data.

Cowen notes that LINK’s valuation against Ethereum (ETH) has tanked since August 2020. The analyst predicts Chainlink can “claw its way out of this brutal downtrend” against ETH, as long as it cracks the LINK/ETH bull market support band.

“The key thing to watch is can it break the bull market support band?

Can it break that and at least stop the bleeding? I mean go sideways at the very least.

Just stop the bleeding and show that the opportunity cost of it is not too high.”

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This Year Will Be About DeFi and Oracles, According to Analyst Michaël van de Poppe – Here’s One Altcoin To Watch

by Dailyhodl

A popular crypto analyst is eyeing two key subsets of the crypto world and thinks one altcoin is primed to surge to the upside.

In a new strategy session, chart guru Michaël van de Poppe tells his 160,000 YouTube subscribers that after a lackluster 2021, data-feed service Chainlink (LINK) could carry the banner for both decentralized finance (DeFi) and oracle networks moving forward.

“A year ago we were at the exact same level as where we are right now. What does that mean? 2021 hasn’t been one of the best years for Chainlink, for oracles and DeFi.

But recently we’ve actually seen strength on the DeFi section and multiple DeFi protocols have been breaking out left and right, have been showing strength through which continuation seems very likely.

If DeFi is going to wake up nicely, Chainlink is most likely going to follow through.”

Oracles function by connecting real-world information with blockchains to execute smart contracts.

Van de Poppe notes Chainlink’s recent higher highs and higher lows against Tether (USDT) as he lays out 2022 price predictions for the crypto asset.

“If we do hold and have a higher low being made here at $19.50, we are going to attack the range highs again, and once we break through the range highs at $33 we are most likely getting ourselves into a new trend.

Then we are seeking for continuation with $77 and $120 [as] the next targets for Chainlink.”

Source: Michaël van de Poppe/YouTube

The crypto analyst concludes his annual crypto market assessment by saying,

“2022 is the year of DeFi and the oracles.”

Chainlink is currently up over 13% on the day to $26.83. The 17th-ranked crypto asset has been surging lately, vaulting higher by nearly 41% since the start of the new year.

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Largest Ethereum Investors Splurge Over $260,000,000 on One Crypto Asset, Making It the Most Traded Token Among ETH Whales

by Dailyhodl

Fresh data shows the world’s biggest Ethereum (ETH) whales are stocking up on an altcoin that powers a data feed service for the decentralized finance industry.

The blockchain-transaction tracker WhaleStats says in a tweet that oracle network Chainlink (LINK) is gaining popularity with crypto whales.

“LINK is so hot with many big transactions today.

Looking at our metrics, LINK is:

-most traded token

-on top 10 purchased tokens

-on top most used smart contracts

-among 1000 biggest ETH wallets.”

The latest numbers from WhaleStats reveal that among the 1,000 wealthiest non-exchange Ethereum addresses, LINK currently accounts for 2.21% of all holdings at a value of over $261.4 million.

Source: WhaleStats

WhaleStats also tweeted out that Chainlink had surpassed multi-chained scaling solution Polygon (MATIC) as the most traded altcoin among whales with massive bags.

One whale just went on a Chainlink shopping spree and picked up over $15 million worth of the token in a 24-hour window. The wallet now holds more than 1.3 million LINK worth over $32.1 million.

At time of writing, the price of Chainlink is up 7.74% on the day to $25.10, the highest it’s been since LINK dropped from a fall peak above $38 in early November.

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Here’s What Next for Algorand, Chainlink, The Sandbox and Two Additional Altcoins, According to Crypto Analyst Michaël van de Poppe

by Dailyhodl

Michaël van de Poppe is plotting the price direction of the altcoins Algorand (ALGO), The Sandbox (SAND), Chainlink (LINK), Curve DAO Token (CRV) and Swipe (SXP).

In a new video, the crypto analyst tells his 158,000 YouTube subscribers that Algorand is entering into a period where traders should ideally place their money at bottom price levels to make the most of swing trade opportunities.

“What is the level that I preferably want to see Algorand breakthrough?

That’s this entire block that we have here at $1.75.

If that one breaks, we can clearly see continuation happening on the markets as right now we are facing resistance.

After a beautiful bounce, you can see that we are already up approximately 30% to 35% and if we break through this one, the next resistance point that we can actually attack is the area around $2.10 to $2.25.”

Van de Poppe says that SAND offers a great day trade opportunity at the retest level of around $5.25.

“If the area around $5.10 is lost, a re-test at $3.95 or perhaps even $3 is most likely going to take place.”

The analyst also identifies the potential entry points for CRV, which is currently facing resistance at around $6.

“I would definitely be looking at entry points around $4.50 as the first one and if we do make a break above $6.10,  I think you want to buy that flip as well targeting $8 or targeting even potentially around $10.”

For Chainlink, he says traders could start building their positions between $13.86 and $16.71.

“Crucial break for this one is to break through $23.50.

If that one breaks, the next test is going to be $35 and then we’re most likely getting ourselves in a new upwards trend.”

As for Swipe, van de Poppe says that the crucial resistance level that the coin has to break is at around $2.20.

“If that one breaks, you know that you could be looking at a potential level to flip where you can start building your positions, but when you’re looking at the structure in this case, I think you clearly want to wait until we get a re-test happening around  $1.70.”

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Oracle Altcoin Chainlink (LINK) Still in a ‘Clear Uptrend’ According to Coin Bureau – Here’s When It Could Reach New All-Time Highs

by Dailyhodl

The host of popular crypto channel Coin Bureau says Chainlink (LINK) price action is still moving upwards despite a bumpy past few months.

In a new video, pseudonymous Coin Bureau host Guy tells his 1.81 million subscribers that LINK was a hot altcoin early in 2021 but has cooled off in the latter half of the year.

“Despite all of Chainlink’s announcements, partnerships, updates, and developments, LINK is only up 50% since the start of 2021.

This is much less than just about every other cryptocurrency, and even some stocks.

So, what gives?”

For starters, LINK is a DeFi [decentralized finance] token. 

DeFi was hot in 2020 and early 2021, but the hype has worn off over the last half-year or so.”

Guy also explains how the team behind Chainlink has been selling LINK off, creating enormous sell pressure on the oracle altcoin.

“The Chainlink team has been selling millions of LINK to finance Chainlink’s current operations and future expansion. 

Back then [before the team began selling LINK], LINK’s circulating supply was around 400 million.

Today, LINK’s circulating supply is slightly north of 467 million. 

Now, assuming an average price of around $20 per LINK, this works out to over $1.3 billion of sell pressure,

Which is honestly insane.”

Guy then explains that this sell pressure is good for Chainlink’s long-term price action but damaging in the short term.

Another driver of LINK’s relative underperformance is its status as a “speculative investment,” as Guy explains in detail.

“LINK’s primary use case is to pay for decentralized data feeds, which are required for almost every decentralized application to function.

In theory, this creates lots of demand for LINK, which should push up its price. 

But in practice, it had next to no effect because LINK isn’t legal tender. 

As such, any LINK that’s used to pay for data feeds is subsequently sold by node operators, and this selling pressure offsets the buying pressure created by the DApps [decentralized applications] which initially purchased the LINK.

Right now, the only demand driver for LINK is a speculative investment, and it looks like a lot of retail investors have taken their money elsewhere.”

Despite the insane sell pressure and decline in retail investor funding, Guy still thinks LINK is posed to reach new all-time highs soon.

“LINK is still in a clear uptrend, unlike many other cryptocurrencies that never fully recovered from the massive crash in May.

If this uptrend continues, Chainlink could reach new all-time highs in the coming months, assuming the bull market sticks around.”

Chainlink is trading at $20.22 at time of writing, down 1.51% on the day.

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Ethereum, Cardano and Three Additional Altcoins Are Top Crypto Assets for 2022, According to Analyst Benjamin Cowen

by Dailyhodl

A popular crypto analyst is naming his top altcoin picks as the crypto markets head into a new year.

In a new interview with Altcoin Daily, Into the Cryptoverse founder Benjamin Cowen tells the channel’s 1.8 million YouTube subscribers that layer-1 blockchain projects are his primary focus of interest.

First and foremost is leading smart contract platform Ethereum (ETH).

“Obviously there’s Ethereum, but that’s sort of the ‘altcoin index.’

You want your altcoins to outperform Ethereum or at least oscillate against it. Look at their ETH values over the macro scale.

MATIC I think is a good project, layer-2 scaling I think is important.

But also Cardano, Polkadot, Avalanche.”

The multi-chained scaling solution Polygon (MATIC) has gone on an epic run in 2021, rising from $0.03 to a new all-time high of $2.88 last Saturday. MATIC has since corrected and currently trades for $2.49.

Also high on Cowen’s list is scalable decentralized blockchain platform Cardano, whose native token ADA ranks 6th by market cap. The altcoin has seen a roller coaster of price action, launching from $0.18 to a summer high of $2.91. Currently, ADA is valued at $1.33.

Cross-chain interoperability protocol Polkadot (DOT) ran from a January low under $10 to highs above $47 in May and $54 in November, but has since corrected heavily and DOT now trades for $26.56.

Last on Cowen’s list of favorites is layer-1 smart contract platform Avalanche (AVAX). The AVAX token started 2021 trading for around $3.50 but has gone on a series of epic rallies, ultimately grinding up to an all-time high of $144.96 in late November. The 11th-ranked crypto asset is exchanging hands for $101.04.

Moving on to his honorable mentions, the popular chart guru likes smart contract platform Solana (SOL), which started the year under $2 and soared to nearly $260 back in November. The altcoin is valued $170.84 at time of writing.

“Solana, I think it’s decent, it’s a little more centralized than I would like.

But it doesn’t mean that’s necessarily a bad thing for some people, because some people just prefer that.”

Cowen remains interested in oracle network Chainlink (LINK) despite native token LINK’s disappointing numbers in relation to ETH.

“Chainlink is an interesting one because it’s one that did really well in the bear market.

I hold it and it’s not met my expectations this market cycle.

I’m looking for that one to do something good in 2022 because frankly, it’s down 90% against Ethereum over the last 18 months.”

Chainlink started the year under $12 and reached an all-time high of $52.70 back in May, before crashing to $20.10 and ultimately $13.88 by July, before grinding its way back up in recent months.

LINK has had a rocky past month, reaching a high of $26.81 before crashing to $17.61 and then climbing back above $24 briefly. Chainlink is trading for $19.62 at time of writing.

In contrast, Ethereum has seen a breakout year, rising over 400% from $730 to its current valuation of $3,647.

Last on the list of runner-ups is Ethereum competitor Terra (LUNA) whose native token LUNA underpins a suite of decentralized stablecoins. LUNA began the year at $0.64 and has witnessed major gains. Currently, it’s trading for $83.41.

Cowen wraps up by saying,

“The main projects that I follow are Cardano, Polkadot, Avalanche, MATIC, LUNA, Solana.

It’s really hard to go wrong if you just look at the top 10 or 20. Get layer-1s, a couple of layer-2s, an oracle.

I think that’s a great crypto portfolio right there.”



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AccuWeather Connects to Chainlink to Broadcast Weather Data

by Decrypt

In brief

  • The partnership will make weather data available to blockchain applications.

  • AccuWeather’s Node will broadcast data across blockchains, cryptographically signing it, allowing users to know that it came from them.

It’s December, but things are looking sunny for Chainlink use cases.

Weather data provider AccuWeather announced its node on Chainlink went live today. It joins the growing list of organizations using Chainlink Labs’ oracle network.

First announced in August 2021, the partnership will make weather data available to blockchain applications. AccuWeather says this will allow developers to create new products like weather predictions, hedging markets, and dynamic NFT art and games based on current weather conditions.

Pennsylvania-based AccuWeather, founded in 1962, says it provides weather information to over 2 billion users across multiple platforms. It tells Decrypt the API, built with the programming language Solidity, will work with Ethereum and Polygon and cost a fee to use, in addition to transaction fees levied by the blockchain.

It adds that the node will broadcast data across blockchains, cryptographically signing it, which will allow users to know that it originated from AccuWeather. Information on temperature, precipitation, wind speed, and natural disasters will be available through the AccuWeather API. Developers can then create smart contracts that ping Accuweather’s Chainlink node for weather data.

“From our standpoint, it’s about making our data more accessible,” AccuWeather Director of Flagship Products Matthew Vitebsky told Decrypt. “So we wanted to make sure that if there are applications that can help expedite warning services or anything like that, they can utilize our data, and it is accessible to them.”

Other organizations using Chainlink’s protocol include Google and the Associated Press. Google partnered with Chainlink in 2019 to build an API that queries the National Oceanic and Atmospheric Administration (NOAA) database using smart contracts. In October of this year, the Associated Press partnered with Chainlink to provide election results, sports outcomes, and corporate financials on-chain. Vitebsky says the collaboration with Chainlink came into being because Chainlink needed more robust weather data like those provided by AccuWeather’s sources.

Will Janensch of Chainlink Labs shared some of those needs in a press release: “Combined with smart contracts, AccuWeather’s expansive collection of datasets can be used to power parametric insurance models across numerous global industries and securely optimize weather-dependent supply chains.”

Weather info is indeed in high demand—and AccuWeather says it has the bandwidth to supply it.

“AccuWeather API actually does more API hits than Google search each day,” Vitebsky says. “We deal with tremendous scale on a global level every single day from websites, apps, vehicles, and other Internet of Things (IoT) devices.”

 

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These Two Altcoins Have Massive Potential for December, According to Crypto Analyst Aaron Arnold

by Dailyhodl

Cryptocurrency analyst Aaron Arnold is naming two altcoins that he says possess massive potential.

The crypto analyst tells his 1,160,000 YouTube subscribers that the first altcoin with massive potential is Chainlink (LINK), an Ethereum-based crypto project that facilitates the transfer of data to smart contracts from off-chain sources.

Arnold says that Chainlink Labs has bagged a “huge get” after ex-Google CEO Eric Schmidt joined the Chainlink developer as a strategic advisor.

“[Eric Schmidt] will join oracle solutions provider Chainlink labs as a strategic advisor.

According to a Tuesday announcement, Chainlink said that Schmidt would guide the firm’s scaling strategy in its use of oracle networks to trigger smart contracts…

This is a huge get, a highly connected guy, a huge get for Chainlink Labs.”

Chainlink is trading at $22.26 at time of writing.

The crypto analyst believes the second altcoin with massive potential is Tezos (XTZ), a layer-one smart contract blockchain.

Tezos was just selected by video game giant Ubisoft as the blockchain platform to launch its new in-game non-fungible tokens (NFTs).

Ubisoft is the publisher of games such as Assassin’s Creed, Tom Clancy’s Rainbow Six Siege, Far Cry, Just Dance and Prince of Persia. The company says it’s planning to build a “true metaverse” and chose Tezos to help overcome “blockchain’s early-form limitations for gaming, including scalability and energy consumption.”

According to Arnold,

“Mainstream gaming giant Ubisoft becomes the first major gaming company to launch in-game NFTs. This is a huge milestone for crypto, for NFTs and gaming in general…

Now the gaming giant will actually implement NFTs within one of its major franchises in a new initiative that runs on Tezos. This is huge for adoption and a big win for Tezos.”

Tezos is trading at $5.26 at time of writing.

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Crypto Trader Michaël van de Poppe Plots the Path Ahead for Bitcoin, Chainlink and One Low-Cap Altcoin

by Dailyhodl

Widely followed crypto strategist and trader Michaël van de Poppe is outlining what’s next for Bitcoin (BTC), Chainlink (LINK) and the low-cap altcoin Verasity (VRA).

Van de Poppe tells his 523,000 Twitter followers that he sees Bitcoin climbing as high as $53,000 before igniting another pullback to around $46,000.

“Bitcoin held the level at $47,800 after breaking beneath, through which the other side of the range was tested. Breakout & now onto next resistance points at $51,600 and $53,600.

Altcoins following.”

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Source: Van de Poppe/Twitter

According to Van de Poppe’s chart, the corrective move below $50,000 will allow Bitcoin to retest a key support level and potentially form a local bottom.

Next up is the decentralized oracle network Chainlink, which Van de Poppe says is likely constructing a bottom against Bitcoin (LINK/BTC).

“Chainlink is still following this scenario here.”

Image
Source: Van de Poppe/Twitter

Looking at Van de Poppe’s chart, he expects LINK/BTC to rally from support at 0.0004 BTC ($20.28) to around 0.0008 BTC ($40.56), indicating a potential upside of about 100%.

The crypto trader is also keeping a close watch on Verasity, a decentralized next-generation video-sharing blockchain network that provides video player technology to major publishers and game developers worldwide.

According to Van de Poppe, he sees Verasity correcting in its Bitcoin pair (VRA/BTC) to carve a double bottom pattern at 0.0000007 BTC ($0.035) before igniting its next leg up.

“Massive bounce from VRA here. Looks good, good daily candle as well. The crucial resistance lies around 0.00000095 BTC ($0.048). If that breaks, we’re in for a new impulse run.”

Image
Source: Van de Poppe/Twitter

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Former Google CEO Eric Schmidt Joins Chainlink Labs as Advisor

by Decrypt

In brief

  • Chainlink Labs announced today Eric Schmidt has joined as a strategic advisor.

  • Before joining Chainlink, Schmidt was a former Google CEO and Alphabet technical advisor.

Chainlink Labs, whose eponymous protocol connects data from outside sources to a blockchain, announced today that former Google CEO Eric Schmidt has joined the organization as a strategic advisor. Schmidt served as Google’s CEO and chairman from 2001 to 2011 and as a technical advisor to the search engine’s parent company, Alphabet, from 2018 to 2020.

As a strategic advisor, Schmidt will assess Chainlink’s performance, researching and providing guidance to find what strengths, weaknesses, and opportunities may exist in Chainlink’s operation.

“Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption,” Chainlink co-founder Sergey Nazarov said via a press release. “Eric’s experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency.”

San Francisco-based Chainlink Labs launched the Chainlink network in June 2017. Chainlink provides real-world data to Ethereum and other blockchain networks’ smart contracts through a decentralized oracle network. In other words, data sent to Chainlink’s network of nodes can be viewed on other networks via smart contracts.

Chainlink, which has its own utility token (LINK) for compensating the network’s node operators, is currently the 20th-largest cryptocurrency by market capitalization, according to CoinGecko, at over $9 billion.

Chainlink Labs has several big partnerships for Schmidt to play with. In October, the Associated Press said it would use Chainlink to help verify articles have been produced by its writers. In 2019, Google Cloud began working with Chainlink to build an API that lets smart contracts query the National Oceanic and Atmospheric Administration (NOAA) database, which incorporates information from over 9,000 weather stations.

“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society,” said Schmidt. “I am excited to be helping the Chainlink Labs team build a world powered by truth.”

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Bitcoin (BTC) $ 43,765.73 4.73%
Ethereum (ETH) $ 2,281.18 2.42%
Litecoin (LTC) $ 73.49 1.39%
Bitcoin Cash (BCH) $ 248.10 0.84%