It is becoming an insecure month for crypto markets, with November beginning to look uncertain. Chainlink (LINK), however, seems bullish. It has maintained substantial gains over the past week. Also, altcoins performed very well today. High localFrom $7.96
Chainlink’s price started a bullish trend after testing and confirming support at the $6.50 level. It suffered an October reverse, completely destroying all its gains from September. It managed to recover 6% by the end of the month.
As of this writing, LINK trades at a gain of 1.49%. Its green daily candle could also reach its highest point before the close of today.
Chainlink Offers a New Oracle Solution for the DeFi Derivatives Market
As the DeFi (decentralized finance) sector expands, Chainlink has responded by developing “ultra-low latency pull-based price oracles. The solution focuses on allowing and safeguarding this enormous on-chain market.” It forecasts that the DeFi derivatives market will expand more in the years to come. This growth will drastically alter how dApps create value.
According to a Related blog post, “We anticipate that a testable version of this new pull-based Chainlink oracle solution will be ready by the end of the year.”
Chainlink is the standard de facto for receiving price feeds based on oracles over the past years.Source: LINKUSD chart at TradingView.com The protocol’s solutions are widely used by the crypto industry, particularly by smart contract infrastructures. Chainlink’s early entry into the DeFi derivatives market will offer it an advantage over its rivals. It might also boost the value of the network’s native token, LINK.
What LINK’s 4-Hour Chart Says About Its Future Movement
After closure, the price of ChainLink fluctuates. ChainLink prices are becoming less volatile and more likely to fluctuate between the extremes. LINK has to overcome the Bollinger band’s $8 upper limit in order to reach the Bollinger band. Bollinger’s band’s lowest limit is $7.5, where LINK finds the most support.
Positive price movement for USD/LINK appears to have occurred over the Moving Average. It appears that the upward trend is continuing. The LINK/USD rate has been trending upwards, which suggests the market’s expansion. The market is showing signs of growth.
At its current price, ChainLink is 55. This indicates that there’s a steady market for cryptocurrencies. Chainlink’s current price of 55 indicates that it is trading higher than its central neutral value. Relative Strength Index is also rising, which indicates a market that’s growing. When purchasing activity increases, the RSI value will rise.
What is the link to here?
It’s worth noting that LINK’s daily chart readings were contradictory, indicating both a rise and a fall. For example, MFI (Money Flow Index) rose as it approached too high.
Near neutral was also the negative Chaikin money flow (CMF). However, the Exponential moving average (EMA), Ribbon displayed a bullish crossover. The 20-day EMA swapped places with the 55day EMA. However, LINK’s Bollinger Bands indicated substantial volatility. The question about where LINK’s price will be in the coming days can only be answered by time.
Featured image by Pixabay, chart from TradingView.com