Tag: Linkusdt

How Chainlink will help secure Polkadot’s environment

by NEWSBTC

Polkadot has integrated with Chainlink to incorporate its oracle service into its multi-chain environment. Thus, the different teams building on Polkadot will be able to count on a “flexible and reliable” solution to feed parachains with information.

Chainlink Price Feeds have been enabled as a Substrate Oracle pallet and can be accessed by any other pallet integrated into a parachain. Thus, deployable applications will have “powerful new functionality”.  According to a release from Polkadot’s team:

Chainlink Price Feeds will allow smart contract applications across the Polkadot ecosystem to access accurate, up-to-date and tamper-proof price reference data for powering new products and markets

Chainlink to power DApps on Polkadot

Parachains based on the Substrate network will have a direct connection to the “outside world” information provided by Chainlink via a runtime module. The pallet may be added with supported smart contract programming languages, before or after connecting it to the Chain Relay. Polkadot’s team states:

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Either of these approaches allow developers to leverage Chainlink Price Feeds with limited technical effort. This integration supports the many smart contract applications and parachain pallets requesting access to Chainlink Price Feeds across Polkadot’s environment.

Additionally, a standard will be worked on to allow the use of the data feeds in all Polkadot parachains. The focus will be on an easy integration to leverage Chainlink’s 4 main features: high-quality data, decentralized infrastructure, secure nodes, cost-efficiency.

Apps connecting to Chainlink’s pallet will be able to add a collection of on-chain data sets for cryptocurrencies, FX rates, commodities, and other assets.

In addition, applications will have multiple functions such as settling cross-chain smart contracts, operating liquidation mechanisms, confirming the authenticity of reserves that collateralize a stablecoin, among others.

Head of Public Affairs at Parity Technologies, Peter Mauric believes that with this integration, Polkadot developers will be able to build the “next generation of high-performance decentralized applications”. Daniel Kochis, Head of Chainlink Business Development said:

We’re excited to empower developers across all parachains by providing them with a standardized, easy to integrate oracle solution for access to a wide range of high-quality, time-tested on-chain price feeds. By doing so, we can rapidly accelerate DeFi development within the Polkadot ecosystem, while maintaining the highest security and data quality requirements (…).

At the time of writing, DOT is trading at $43,88 with a 10.9% gain in the 24-hour chart. In the 7-days chart, DOT records a 32.4% profit and has managed to displace Cardano (ADA) in total market cap.

Chainlink LINK Polkadot DOT

On the other hand, LINK trades at $30,82 with side movement in the daily chart and a 12.3% profit in the weekly chart.

Chainlink LINK Polkadot DOT LINKUSDT

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Chainlink Hits $30 as Grayscale Adds 115,570 LINK to Its Reserves

by NEWSBTC

Chainlink prices climbed higher on Thursday, rising by as much as 5.10 percent on the prospects of higher institutional adoption.

The LINK/USD exchange rate reached its previous week’s high of $30 before correcting lower during the early London session. Its uptrend majorly came as a part of a broader bullish trend across the altcoin market. Meanwhile, LINK received an additional upward boost from New York-based Grayscale Investments’s overnight buying spree.

Grayscale Goes Shopping

Data fetched by ByBt.com shows that the crypto investment firm bought 115,570 LINK tokens for its Grayscale Chainlink Trust from March 17 until April 1. That includes a 65,570 LINK purchase on Thursday, which coincided with a price pump in the Chainlink market.

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Grayscale LINK holdings shoot up dramatically overnight. Source: ByBt.com

Technical indicators on the LINK/USD four-hour chart showed the pair trading inside an ascending rising wedge. The bids oscillated between two diverging bullish lines, providing traders ample opportunities to generate interim profits on each bounce from the lower trendline and pullback from the upper trendline.

Chainlink hints bearish reversal on ascending broadening wedge formation. Source: LINKUSD on TradingView.com

Nevertheless, Ascending Rising Wedges are bearish reversal patterns. Central Charts notes that the bullish-looking structure leads to a downside breakout in 80 percent cases. Should it happen, the LINK price could fall to as low as $25.

A 37% Chainlink chaiBreakout Theory

An analysis shared by Akash Girimath on FXStreet.com shows Chainlink in an extemely bullish state. The analyst noted that LINK/USD now trades inside a symmetrical triangle structure, which raises the pair’s possibilities of logging a 37 percent bullish breakout move should it break above the pattern’s upper trendline resistance.

“A bullish breakout above $30.3 could push LINK to $41.6, but a breakdown of the lower trend line at $25 might result in a sell-off to $15.7,” noted Mr. Girimath.

Chainlink symmetrical triangle outlook, as presented by Akash Girimath. Source: LINKUSDT on TradingView.com

Other cryptocurrency analysts also presented a bullish outlook for Chainlink, with Michaël van de Poppe, a Netherlands-based stock trader, highlighting LINK’s growing strength against its top rival bitcoin. An asset’s value against the dollar tends to rise faster if it grows against bitcoin, as well.

Chainlink trade outlook against bitcoin, as explained by Michaël van de Poppe. Source: LINKBTC on TradingView.com

“LINK is most likely bottomed out in the BTC pair,” said Mr. Poppe.

More bullish tailwinds from on-chain data fetched by Santiment, a cryptocurrency sentiment tracking service. The platform noted that the number of rich Chainlink wallets hodling anywhere between 100 and 100,000 LINK tokens rose throoughout March, pointing to a higher buying sentiment.

“Chainlink knocked on the door of $30 for the first time in 11 days, climbing to $29.99 on Binance and still within close range. We’re keeping an eye on mid and large holders owning between 100 to 100k LINK, as they’ve accumulated greatly in March.”

Photo by Julian Hochgesang on Unsplash

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Chainlink’s Hackathon offers $125K in bounties, LINK going to $100?

by NEWSBTC

With a start date of March 15th, The Spring 2021 Chainlink Virtual Hackathon records more than 3,500 participants. According to an official post, the participants are “building the next generation of smart contracts”.

The event will end on April 11th. However, those who wish to claim the $125,000 will have until today to register and qualified for the $125,000 bounties. The post claims:

The three-week event is an opportunity for developers throughout the Chainlink ecosystem to connect, collaborate, build and showcase innovations in DeFi, NFTs, gaming and universally connected smart contracts using Chainlink’s blockchain-agnostic oracle network and leading web3 technologies.

The prizes will be divided into $3,000 NFT and gaming, a $5,000 award for “social impact”. The latter has been made possible with a parentship with UNESCO Global Education Coalition. And a Chainlink grant that will go to the project accomplishes the following:

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(…) the hackathon project that integrates Chainlink with the highest potential to deliver meaningful social impact in education.

At the event, there are projects like “dynamic NFTs powered by Chainlink VRF that incentivize and gamify education to reduce school dropout rates and support lifelong learning”. This could become the next step for this technology, according to Mickey Graham, Head of Growth at Chainlink Labs, so that NFT can be able to interact with oracles. Graham said:

Over time, I believe we’ll see NFTs evolve and transition into more dynamic assets, where external data and events that happen off-chain power upgrades or changes in NFTs.A great example of this, and one we’d love to see built during the Spring 2021 Hackathon, would be an NFT-powered learning badge for a skills-based course that is upgraded or powered up as off-chain modules are completed and recorded on-chain.

Is LINK going to a $100?

LINK is currently trading at $27,93 with 0.1% gains in the 24-hour chart. In the past weeks, LINK records 2.4% gains and 6.2% in the past month.

Chainlink LINK

Highly bullish on LINK’s performance, trader Michaël van de Popper predicts a possible bull-run towards $100. Claiming LINK’s price is close to “bottoming out”, he recommended investors keep an eye on the $19,5 to $20,75.

The trader considers the above range to be acting as support and could be a good opportunity for investors looking for a good entry into the cryptocurrency if it retraces to those levels. The trader also set $34 as LINK’s next target before going towards a new all-time high.

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Chainlink Paints Golden Cross as BlockFi Announces LINK Support

by NEWSBTC

A golden cross formed on the Chainlink (LINK) four-hour chart a week after its price crashed by almost 45 percent from its record high of $37.07, signaling a bullish revival for the world’s ninth-largest cryptocurrency by market capitalization.

In retrospect, a golden cross appears when an asset’s short-term moving average crosses above its long-term moving average. Ideally, traders treat a crossover between a 50-day MA and 200-day MA as the benchmark indicator to determine their bullish bias. Meanwhile, when an asset’s 20-period MA closes above its 50-period MA, it signals traders about an immediate buying sentiment in the market.

LINK Bullish Crossover

The LINK/USD exchange rate logged the 20-50 golden cross on Tuesday as its bids rose to an intraday high of $30.89. Measuring from its previous bottom, the pair’s move upside brought its price up by 53.24 percent. That followed a minor correction, but the short-term bullish bias looked intact.

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Chainlink, LINK, LINKUSD, LINKUSDT, cryptocurrency, LINKBTC

LINK found a resistance target near $29.75, which previously capped its breakout attempts on February 24. Nevertheless, the cryptocurrency’s rally this time rode on a flurry of optimistic fundamentals, which may see it break above the price ceiling and target its previous ascending trendline support (in black) as an upside target.

Conversely, a pullback from $29.75 would risk LINK dropping towards its 20-EMA for support, with the 50-SMA as an intermediary downside target. A further slipover could have traders open their short entries towards the previous support target near 22.69.

Oracle Upgrade, BlockFi Support

The rally in the Chainlink markets also appeared as it announced developing an off-chain reporting protocol (OCR) that intends to improve its Oracle network. Excerpts:

“All nodes communicate using a peer-to-peer network. During the communication process, a lightweight consensus algorithm is run, in which every single node reports its price observation and signs it. A single, aggregate transaction is then transmitted, saving a significant amount of gas.”

Meanwhile, more bullish tailwinds came from BlockFi, a crypto lending firm that announced support for LINK tokens. In doing so, the firm enables LINK holders to deposit their tokens in the BlockFi pool to earn a stable 5.5 percent annual yield. The interests will be paid using the Chainlink tokens.

Founded in 2017, BlockFi already offers similar yield services on different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It recently paid out more than $20 million in interest on its BTC and ETH deposits.

LINK was trading at 29.28 at this press time.

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Charted: Chainlink (LINK) Steadies above $24, Fresh Increase To $27 Likely

by NEWSBTC

Chainlink (LINK) traded to a new yearly high near $27.00 before correcting lower, similar to bitcoin and Ethereum. The price is now holding a major support at $24.00 and the 100 SMA (H4).

  • Chainlink token price started a downside correction from the $27.03 high against the US dollar.

  • The price is well bid above the $24.00 level and the 100 simple moving average (4-hours).

  • There is a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair (data source from Kraken).

  • The price is showing positive signs and it could start a fresh increase towards the $27.00 level.

Chainlink (LINK) Remains Well Supported

After a close above $25.00, chainlink (LINK) extended its upward move against the US Dollar, similar to bitcoin and Ethereum. There was a clear break above the $26.50 level and the price traded to a new high at $27.03.

The price started a downside correction from $27.03 and traded below the $26.00 level. There was a break below the $25.50 support level. The price even spiked below the $24.00 level and traded as low as $22.92.

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However, the price remained well supported and it recovered above $23.50. LINK price is now trading nicely above the $24.00 level and the 100 simple moving average (4-hours). It already tested the 50% Fib retracement level of the recent decline from the $27.03 high to $22.92 low.


Source: LINKUSD on TradingView.com

There is also a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair. On the upside, the price is facing resistance near the $25.00 level.

The next major resistance is near the $25.50 level. It is close to the 61.8% Fib retracement level of the recent decline from the $27.03 high to $22.92 low. A clear break above $25.50 may possibly start a fresh increase towards the $27.00 and $28.00 levels.

More Losses?

If chainlink’s price fails to climb above the $25.00 level, there could be a fresh decline. An initial support on the downside is near the $24.00 level and the trend line.

A break below the trend line support might push the price further lower towards $23.00. Any more losses could lead the price towards the $22.00 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently close to the 50 level.

Major Support Levels – $24.00, $23.85 and $22.00.

Major Resistance Levels – $25.00, $25.50 and $27.00.

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Charted: Chainlink (LINK) Holding Key Support, Bulls Aim Fresh Test of $25

by NEWSBTC

Chainlink (LINK) dipped below $22.00, but it stayed above $20.00, whereas bitcoin and Ethereum struggled. The price is now rising and it is likely to rise towards $24.00 and $25.00.

  • Chainlink token price started a downside correction from the $25.89 high against the US dollar.

  • The price is well bid above the $20.00 level and the 100 simple moving average (4-hours).

  • There is a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).

  • The price is rising and it seems like it may soon revisit the $24.00 and $25.00 resistance levels.

Chainlink (LINK) is Gaining Momentum

Recently, chainlink (LINK) started a downside correction from the $25.89 high against the US Dollar, similar to bitcoin and Ethereum. There was a downside break below the $22.50 and $22.00 support levels.

The bears were able to push the price below the 50% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. However, the bulls were active above the $20.00 support zone and the 100 simple moving average (4-hours).

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Chainlink (LINK)

Chainlink (LINK)


Source: LINKUSD on TradingView.com

The price tested the 61.8% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. There is also a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair.

LINK is currently rising from the channel support and trading above $22.00. It even surpassed the $23.00 level and it seems like the bulls are aiming a fresh test of the $25.00 level. Any more gains could open the doors for a move towards the $26.50 level.

Fresh Drop?

If chainlink’s price fails to climb above the $24.00 level, there could be a fresh decline. An initial support on the downside is near the $22.50 level.

Any more losses below the $22.50 level may possibly lead the price towards the channel support. A break below the channel support might put the $20.00 support at risk in the near term.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently just above the 50 level.

Major Support Levels – $22.50, $21.20 and $20.60.

Major Resistance Levels – $24.00, $25.00 and $26.50.

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Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive

by NEWSBTC

Chainlink (LINK) rallied towards the $26.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now approaching a major support zone at $21.50.

  • Chainlink token price gained pace after it broke $22.00 and it traded towards $26.00 against the US dollar.

  • The price is correcting gains from $25.89 and it is well above the 100 simple moving average (4-hours).

  • There is a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).

  • The price is likely to find a strong buying interest near the $21.50 and $21.20 levels.

Chainlink (LINK) is Correcting Gains

After a successful break above $22.00, chainlink (LINK) gained bullish momentum above $24.00. The bulls gained strength, resulting in a push above the $25.00 resistance zone.

A new 2021 high was formed near $25.89 and the price settled well above the 100 simple moving average (4-hours). It is currently correcting lower and trading below the $25.00 level. There was a break below the 23.6% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high.

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On the downside, there are many important supports forming near $21.50. There is also a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair.

Chainlink (LINK)

Chainlink (LINK)


Source: LINKUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high. As long as link price is above the $21.50 level, there are chances of a strong increase in the near term. An immediate resistance is near the $24.00 level.

The first major resistance is near $25.00, above which the price is likely to accelerate higher towards the $26.00 and $26.50 levels in the near term.

More Losses?

If chainlink’s price stay above the $21.50 support, there is a risk of a larger decline. The next major support below $21.50 is near the $20.50 level.

Any more losses below the $20.50 level may possibly put the $20.00 support at risk in the near term. In the stated case, the price could revisit the $18.50 support.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently just below the 50 level.

Major Support Levels – $21.50, $21.20 and $20.50.

Major Resistance Levels – $24.00, $25.00 and $26.00.

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Massive Bearish Divergence Hints At First Major Chainlink Corrective Phase

by NEWSBTC

Chainlink was among the first cryptocurrency to set a new all-time high in 2020, but given its absence during the 2017 peak was facing different circumstances and no overhead resistance. The altcoin was nearly unaffected entirely by the bear market over the last couple of years, breaking record after record.

However, a massive bearish divergence has formed as the unstoppable cryptocurrency touches an ascending trendline for the third time. Could this be the start of the altcoin’s first extended bear phase? Or are bulls preparing a much stronger push to finally blast through the long-term trendline?

Chainlink At Risk Of First Major Corrective Phase, According To Bear Div

In 2017, Bitcoin’s meteoric rise and the explosion of ICOs built on Ethereum put the cryptocurrency asset class on the map. But after a storm of exuberance and parabolic price action, the bubble burst and these assets came crashing down by as much as 90% or more in many cases.

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Even the crypto asset with the most longevity, Bitcoin, fell a full 84% from high to low, resulting in a three year bear market. During that time, however, Chainlink made its debut in the crypto space, and its been on an unstoppable uptrend ever since.

Related Reading | Analyst: After A 50% Retrace Against Bitcoin, Chainlink Is “Ready” To Soar

The altcoin rose from nearly worthless to over $25 recently at its 2021 peak. Chainlink went from being born during a bear market, to hitting all-time highs left and right even before a bull market was confirmed.

Since things turned bullish, even Chainlink joined in Bitcoin and Ethereum and set yet another record peak. The entire market has once again turned back down, but the soaring altcoin remains near 2021 highs.

Bearish Divergence, Or Are Bulls Baiting For The Next Move Up?

The recent push to $25 per token, has resulted in a massive bearish divergence on the weekly Relative Strength Index, spanning across the current peak and the 2020 high of $20, according to one crypto trader.

Coinciding with the bearish technical signal, is a more three-year long trendline that has acted as the top to every major rally. The chart below shows the long-term trendline on the LINKUSDT trading pair on Binance more clearly.

chainlink linkusdt bear div

chainlink linkusdt bear div


A massive bearish divergence spans across two years of LINKUSDT price action  | Source:  LINKUSDT on TradingView.com

Bearish divergences appear when price action sets a higher high, but a technical indicator on the same timeframe chart makes a lower low. It often suggests that although prices are reaching new highs, the underlying buying pressure is lower than during the first peak.

The weakness results in bears taking over, and forcing prices lower. Bearish divergences often appear at the top of a trend, but are difficult to act on.

Related Reading | Altcoin Expert: Buy Crypto That Holds Up During Bitcoin Breakdown

Bearish divergences are only confirmed once price action has turned down. The lack of a higher high on a technical indicator could merely be due to the fact the bullish move is only yet just beginning. Taking a position in a long up-trending altcoin due to a bearish divergence could lead to any missing out on any additional legs up that might follow.

Given Chainlink’s long-term momentum, the bearish divergence – if invalidated – could supply the momentum needed for a much stronger push higher.

Featured image from Deposit Photos, Charts from TradingView.com

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Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

by NEWSBTC

Chainlink (LINK) rallied towards the $24.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now trading near a major support zone at $20.00.

  • Chainlink token price traded as high as $23.79 before starting a downside correction against the US dollar.

  • The price is trading above the $20.00 support and it is well above the 100 simple moving average (4-hours).

  • There is a connecting bearish trend line forming with resistance near $21.70 on the 4-hours chart of the LINK/USD pair (data source from Kraken).

  • The price could extend losses towards $18.20 before starting a fresh increase in the near term.

Chainlink (LINK) Corrects Lower

After a clear break above $20.00, chainlink (LINK) extended its rally. It even surged above the $22.00 level and settled well above the 100 simple moving average (4-hours).

It traded as high as $23.79 before starting a downside correction. There was a break below the $22.00 and $21.20 support levels. There was also a clear break below a contracting triangle with support near $21.50 on the 4-hours chart of the LINK/USD pair.

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The bulls lost control and the price spiked below the $20.50 level. However, the decline was limited and the price traded as low as $19.90. LINK is now trading above the $20.00 support and it is well above the 100 simple moving average (4-hours).

Chainlink (LINK)

Chainlink (LINK)


Source: LINKUSD on TradingView.com

An initial resistance for LINK is near the $20.80 level. It is close to the 23.6% Fib retracement level of the recent decline from the $23.79 high to $19.90 low.

Moreover, there is a connecting bearish trend line forming with resistance near $21.70 on the same chart. The trend line is close to the 50% Fib retracement level of the recent decline from the $23.79 high to $19.90 low. A clear break above the trend line resistance and $22.00 could open the doors for a fresh push towards $24.00 and $25.00.

More Losses?

If chainlink’s price fails to continue higher above $21.70 and $22.00, it could correct further lower. The first major support is near the $20.00 level.

The next major support is near the $18.20 level (the last breakout zone), where the bulls are likely to take a strong stand in the near term.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently close to the 50 level.

Major Support Levels – $20.00, $19.10 and $18.20.

Major Resistance Levels – $20.80, $21.70 and $22.00.

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Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

by NEWSBTC

Chainlink (LINK) rallied after it broke the $18.00 and $20.00 levels, while bitcoin and Ethereum remained in a range. The price is correcting gains, but dips could be limited below $21.50.

  • Chainlink token price is gaining strength and it already broke the key $20.00 level against the US dollar.

  • The price is correcting lower from $23.76 and trading well above the 100 simple moving average (4-hours).

  • There is a key bullish trend line forming with support near $21.55 on the 4-hours chart of the LINK/USD pair (data source from Kraken).

  • The price is likely to resume its upward move above the $22.50 and $23.00 levels.

Chainlink (LINK) Rally Takes Breather

In the past few days, there was a strong increase in chainlink (LINK), and it outperformed bitcoin and Ethereum. The price broke many important hurdles near $18.00 and $20.00 to start the recent surge.

The upward move gained pace above $20.00 and there was also a close above the 100 simple moving average (4-hours). The price rallied above $22.00 and traded to a near yearly high at $23.76. Recently, the price started a downside correction below $23.00.

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The price even broke the 23.6% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high. However, the price is finding a strong support near $21.50.

Chainlink (LINK)

Chainlink (LINK)


Source: LINKUSD on TradingView.com

There is also a key bullish trend line forming with support near $21.55 on the 4-hours chart of the LINK/USD pair. The trend line is close to the 50% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high.

A downside break below the trend line support might spark a larger decline below $21.00. The next major support is near the $20.00 level (the recent breakout zone).

Fresh Increase?

If chainlink’s price stays above the $21.50 zone and the trend line area, it could start a fresh increase. An initial resistance on the upside is near the $23.00 level.

A clear break above the $23.00 level could open the doors for more upsides above the $23.50 zone. In the stated case, the price could surge above the $25.00 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently well above the 60 level.

Major Support Levels – $21.50, $21.20 and $20.00.

Major Resistance Levels – $23.00, $23.50 and $25.00.

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