Chainlink Price Analysis: LINK Approaches $40

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Chainlink price momentum has reversed from bearish to bullish.
  • LINK daily chart shows two bullish sessions out of the last three.
  • The Chainlink price dropped from $42.60 to $36 between April 16 and April 19, losing over $6 in its overall valuation. However, the 20-day SMA has remained strong and prevented LINK from going down any further. Let’s take a closer with technical analysis.

    Chainlink Price Key Level Turns Bullish

    For the last three days, the Chainlink price has been trending between $35 and $39. The MACD shows that the market momentum has reversed from bearish to bullish, while the parabolic SAR still shows that the overall market sentiment is negative.

    Image: LINK/USD

    Chainlink LINK Daily Chart

    As per Chainlink, there is a strong resistance wall on the upside at $40, wherein over 3,000 addresses had purchased a little over 1 million LINK tokens. Do note that this barrier doesn’t seem robust enough to absorb a lot of buying pressure.

    Image: IntoTheBlock

    Chainlink LINK Volume Chart

    Chainlink Oracles Coming To Karura Parachain

    DeFi parachain Karura built for Kusama by Acala is all set to integrate Chainlink Price Feeds. Following the recent launch of a Chainlink Oracle Pallet, this integration will allow Karura smart contract devs to benefit from precise market data directly on-chain.

    Chainlink’s recent modular oracle pallet aims to power all projects within the Polkadot ecosystem, including substrate chains and parachains like Karura, with trusted on-chain data and precise financial market information. 

    Karura is focused on achieving the same goal as the Kusama ecosystem. Progressing on its mission, Acala Foundation announced its plan to integrate Chainlink Price Feeds to Karura, the all-in-one DeFi conduit of Kusama. Karura will help non-native parachain teams, and dApps seamlessly integrate the standardized substrate Chainlink oracle pallet into a runtime module using any supported smart contract language to access any external, real-world resource.

    Smart contract developers using the Kusama and Polkadot network will be able to leverage Chainlink pallets as their preferred pricing data delivery solution. All Chainlink Price Feeds are secure, resistant to manipulation, and offer premium data quality using multiple independent oracles to qualify and pull the same data point. 

    Kusama and Polkadot are both independent, standalone networks. Although built similarly, Kusama is a faster multi-chain network designed for radical innovation. By extension, Karura intends to become the preeminent DeFi destination of Kusama.

    Chainlink Price Is Expected To Reach These Levels

    If Chainlink price crosses above the $40 resistance barrier, it could potentially reach the $45 line.

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