Chainlink price prediction; LINK breakout faces a key hurdle
The Chainlink price darted higher as more developers embraced the network. LINK, its native token, jumped to $27.22, which was about 15% above the lowest level this month. This rally brings its total market value to more than $12 billion, making it the 15th biggest cryptocurrency in the world.
Chainlink is one of the biggest blockchain projects in the world. The network uses Decentralized Oracle Networks (DONs) that is maintained by a committee of Chainlink nodes. It is used by other blockchain projects to solve several key issues like hybrid smart contracts, abstracting away complexity, and scaling. It also helps in trust minimization, order-fairness for transactions, and confidentiality.
Today, most of the biggest blockchain projects use Chainlink. Some of the biggest ones that have embraced this technology are Cardano, Filecoin, and Avalanche. It is also used by many Decentralized Finance (DeFi) platforms because of its trusted price feeds and its cross-chain bridging.
These feeds derive their data fron leading data providers like Genesis, CoinGecko, Brave NewCoin, Center Prime, and Binance. At the same time, its ecosystem is made up of node operators like Fiews, Simply VC, and ChainLayer.
In general, ChainLink solves the challenge of trust in decentralized markets, where it is possible to input the wrong data. For example, malicious actors can input the wrong weather or sports data. This, in turn, will lead to substantially poor outputs.
The most recent major development happened in September when Cardano announced a new partnership with Chainlink. This was notable since Cardano is one of biggest blockchain projects in the world. Cardano’s DeFi builders will be able to integrate data from Chainlink.
Chainlink price prediction
The four-hour chart shows that the LINK price has made a steady recovery in the past few days. Today, the coin is trading at 427, which is slightly below the key resistance level at $28.25. The coin had struggled to move above this resistance several times in September. It has also moved above the 38.2% Fibonacci retracement level. It has also moved above the 25-day and 50-day moving averages.
Therefore, the bullish breakout faces a major hurdle at $28.25. A move above this price will see it maintain a bullish trend to $33, which is along the 78.6% retracement level. It is about 22% above the current level.