Chainlink Price Up 1.32% – Time To Buy LINK Coin?
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The price of Chainlink (LINK) surged by 1.32% in the last 24 hours. Could it be the right time to buy LINK?
Chainlink is a decentralized oracle network that allows blockchains to interact through connected smart contracts securely.
Although LINK’s price remains far below its May record high price of $52.88, it is still trading at a healthy range. If you’re an investor looking to buy LINK, this might be the right time.
Chainlink: Solving the Blockchain Oracle Problem
The network, built on Ethereum, facilitates the transfer of data from off-chain sources to on-chain smart contracts. Chainlink addresses the oracle problem by bridging the gap between off-chain sources and the blockchain ecosystem.
Chainlink was founded by Sergey Nazarov and Steve Ellis in 2017. Through this oracle network, blockchain protocols are connected to real-world data, events, and payments methods.
The native token of the Chainlink blockchain, LINK, serves two functions. It is used by smart contracts to pay Chainlink node operators for validations. The node operators also stake LINK in the network to get rewards.
Unlike Bitcoin or some other blockchains, Chainlink is secured by a proof-of-stake (PoS) consensus mechanism. PoS relies on the amount of staked tokens for selecting node validators.
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LINK Recovering In August
The LINK token has grown tremendously this year. The asset started this year trading at only $12 before rising to an all-time high (ATH) of $52.88 in May. However, the crypto crash rocked its price, causing LINK to drop to a low of $15.8.
The asset surged again and reached $35.1, but saw its gains shaved off by the bears taking over the crypto market. This saw LINK trade at $16.95 on July 14th.
Currently, LINK trades at $23.29 and has jumped by 1.32%, according to the 24-hour trading chart. The coin is ranked 12th most valuable cryptocurrency with a live market cap of $10 billion.
LINK Technical And Fundamental Analysis
LINK has a Relative Strength Index (RSI) of 59.54, showing that it is underbought. Investors who want to buy LINK might want to do so now.
The asset’s 200-day moving average (MA) stands at $20.27, while the 20-day MA is at $23.40. This means that the bears are on the verge of a crossover. If the bulls continue to have a say in its growth direction, LINK may break above the $25 and find support at $26.
Like many cryptocurrencies, LINK’s value comes from its native network. LINK has continuous growth potential because Chainlink has positioned itself as a unique network that is critical for DeFi protocols.
Investors who buy LINK see this value and potential for long-term returns.
Chainlink has seen growing adoption of its oracle services recently.
Last month, NFT Marketplace OpenBiSea integrated Chainlink Price Feeds on the Binance Smart Chain (BSC) and Polygon mainnet. OpenBiSea aimed to use Chainlink’s oracle network to have access to high-quality, tamper-proof price feeds.
Blockchain-based platform Avalanche has also incorporated Chainlink for its off-chain data needs. Other firms which have recently turned to Chainlink for its data-gathering abilities, include Innovative sports-facing blockchain platform Dotmoovs, EVM blockchain Cronos and Yield optimizer, and Autoshark.
