Chainlink Price Analysis: LINK Buyers Rush Back In As PundiX Integrates Protocol
Daily Chainlink LINK Price Forecast
- Chainlink price faces strong resistance at the 20-day SMA.
- MACD shows that market momentum is still bearish.
Between May 10 to May 17, the Chainlink price has crashed from $52.25m to $37. During this crash, Link has managed to flip the 20-day SMA from support to resistance. However, the 50-day SMA stepped up and provided crucial support.
Chainlink Price Uptrend Stopped By 20-day SMA
The Chainlink price has jumped up from the 50-day SMA to $43.65, finding resistance at the 20-day SMA. The relative strength index shows us that LINK still has space to grow before it gets overpriced. The MACD tells us that despite this bullish surge, the market momentum is still bearish.
Image: LINK/USD daily
As you can see, the Chainlink price faces immediate resistance at the 20-day SMA ($45). Previously, at this level, 5,000 addresses had purchased almost 13.15 million LINK tokens.
Pundi X integrates Chainlink (LINK)
DeFi platform Pundi X has recently integrated Chainlink price feeds to power its rewards system and its numerous synthetic assets. The Chainlink price feeds will ensure that Pundi X’s platform rewards and discounts are distributed at fair market values. The feeds will also power Pundi X’s synthetic assets on its Decentralized Exchange using accurate data from stocks, ETFs, commodities, and indices.
The team at Pundi X explained that they chose Chainlink based on the project’s record of delivering quality data with almost zero downtimes or instances of attacks through flash loans. They said:
We selected Chainlink as our go-to oracle solution because it provides high-quality data using time-tested oracle infrastructure that’s proven to secure tens of billions of dollars for leading DeFi projects.
Chainlink Price Feeds are well known to supply accurate and up-to-date asset prices reflective of global markets, as well as possess built-in resistances to a variety of unexpected situations like API downtime, flash crash outliers, and data manipulation attacks via flash loans.
The team at Pundi X also highlighted reasons as to why they chose Chainlink price feeds. The firm said that Chainlink price feeds are accurate and sourced from numerous data aggregators and are resistant to data source failures. The price feeds are secure and have a strong record of reliability, it added.
Pundi X noted that the Chainlink network is highly decentralized and thus guarantees adequate protections from downtimes. Chainlink has a solid reputation and has a set of on-chain monitoring tools to allow users to independently verify the network’s historical performance
Chainlink Price Is Expected To Reach These Levels
The Chainlink price needs to overcome the 20-day SMA resistance to reach the $50 psychological level.