ChainLink Price Down By 2.81% – Time To Buy LINK?
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- BitYard announces partnership with Chainlink, a move which could prompt investors to buy LINK
- Portal integrates Chainlink price feeds into its decentralised exchange (DEX) network
- Crypto whales contribute to the spike in Chainlink price
Although Chainlink is on the downward trend, the decentralised finance (DeFi) token remains a profitable project, with a large inflow of funds showing that investors are out to buy LINK. This stance is further established by the $4.5 billion, up 86.92% that Chainlink has recorded in trading volume in the last 24 hours.
In the last 7 days, Chainlink is still trading in the green despite the bears taking over the broader crypto market.
BitYard Announces Partnership With Chainlink
BitYard, a leading crypto exchange known for offering crypto services in over 150 countries globally, has decided to integrate 80+ Chainlink price feeds to its platform. This move is targeted at obtaining accurate price data that comes in timely within the BitYard crypto exchange.
Although there are numerous options that BitYard could have chosen from, the crypto exchange decided to settle for Chainlink for a lot of reasons such as accurate pricing, timely and reliable updates, transparent infrastructure and Chainlink’s position as an industry leader.
Chainlink Price Feeds source data aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. The data aggregation model employed by Chain link is resistant to flash crash outliers and data manipulation attacks ensuring accurate and timely data.
Portal Integrates Chainlink Price Feeds Into Its DEX Network
Chainlink remains a top platform for smart contracts and many other cross-chain integrations. Portal, a popular cross-chain DEX platform that facilitates transactions between Bitcoin and other digital assets, has decided to integrate Chainlink price feeds into its platform.
Chainlink is the industry-leading decentralised oracle network and will provide Portal with access to high-quality price data feeds that are well-secured and needed to facilitate atomic swaps between Bitcoin and other blockchain networks.
According to Portal, Chainlink was chosen because the Ethereum-based protocol is the most widely used and time-tested decentralised oracle solution in the blockchain ecosystem.
Chainlink price feeds remain a key integration for numerous (DeFi) protocols, and increased adoption and partnerships will see the demand for Chainlink’s native token, LINK, continue to rise.
Crypto Whales Contribute To Spike In Chainlink Price
Chainlink endured a bearish December, with the digital asset trading below $25 for the most part. However, as of yesterday, LINK was up by double figures, and the spike was traced to Ethereum whales loading up on Chainlink.
According to Whale Stats, a platform that tracks the top 1,000 crypto wallets on the Ethereum blockchain, wallet addresses belonging to these crypto whales traded Chainlink more than any other cryptocurrency in the last day. This inflow of funds by crypto whales could be responsible for the recent spike in the price Chainlink recorded yesterday.
Chainlink Technical Analysis- Chainlink Brace For A Great Bull Run
After hitting an all-time high (ATH) of $52.70 on May 10, 2021, Chainlink has struggled against the bears and has traded below $25 for a large part during this period. However, Chainlink looks set to turn the corner and enter a full bull run in the coming days.
The price of LINK is currently $24.11, and if the digital asset suffers a retracement, it is likely to fall to the 23.6% Fibonacci level of $22.0. On the flip side, if the utility token goes on a bull run, LINK can climb as high as $32.24.
The immediate resistance price is $25.66, while the immediate support price is $19.18, a gain of 35.52%. Investors can set an entry price of $20 and take profit at $24, and set a stop-loss at $19.50.
The price of LINK is trading above the 20-day exponential moving average (EMA) of $20.01, pointing to possible bullish interference.
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