Chainlink Price Analysis: LINK Jumps By More Than 50% Over The Last Three Weeks

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • The bulls looks to jump Chainlink price upto the $40 psychological level.
  • The MACD shows increasing bullish momentum.
  • Over the last three weeks, the Chainlink price jumped from $24.75 to $38, growing by more than 50%. During this upward surge, LINK rose in an upward channel formation and flipped the 20-day and 50-day SMAs from resistance to support.

    Chainlink Price On An Upward Charge

    Over the last two days the Chainlink price jumped from the $33 support wall and went up all the way to $38. There are two signs that shows us that LINK will probably reach $40:

    1. The MACD shows increasing bullish market momentum.
    2. The relative strength index (RSI) shows that the price still has room for growth.

    Image: LINK/USD daily

    Looking at IntoTheBlock’s IOMAP, we can see a healthy support wall at $32.75. Previously, at this level, 5,000 addresses had purchased almost 13.5 million LINK tokens.

    Image: IntoTheBlock

    Centaur Integrates Chainlink Price Feeds 

    DeFi platform Centaur recently announced that it has integrated Chainlink Price Feeds on the mainnet to obtain “high-quality, tamper-proof price reference data” for the Centaur Swap decentralized exchange (DEX). The data is expected to novel Centaur’s price derivation algorithm that protects liquidity providers from impermanent loss (IL) and helps bootstrap greater asset liquidity.

    The Centaur Swap DEX will utilize Chainlink Price Feeds for the ETH/USD, DAI/USD, and USDT/USD pairs. In a blog post, Centaur noted that Chainlink’s “highly secure and reliable decentralized oracles” are crucial to Centaur Swap, as the firm provides price data that reflects a volume-adjusted global aggregate from all trading environments. This enables accurate readjustments to the price deviation algorithm without worrying about stale or manipulated data feeds.

    Centaur also highlighted that it chose Chainlink because it is the “most widely used and time-tested decentralized oracle network,” offering unique features such as reliable nodes, premium data, decentralized infrastructure, transparent networks, etc. 

    Sean Kor, Co-Founder of Centaur, said:

    After integrating Chainlink VRF for our public sale, we knew Chainlink was a perfect match to secure the price reference data feeds at the heart of our innovative Centaur Swap DEX. The Chainlink Network is the market-leading oracle solution because it combines extreme degrees of security and decentralization with high-quality data, empowering development teams like us to build next-generation DeFi applications in an accelerated manner, such as Centaur Swap

    Chainlink Price Is Expected To Reach These Levels

    The Chainlink price will probably ride this bullish wave and reach $40 soon.