Chainlink Price Analysis: LINK Retreats After Crossing $50
Daily Chainlink LINK Price Forecast
- Chainlink price has three straight bullish sessions.
- The RSI has crept into the overbought zone.
The Chainlink price bounced up from the 50-day SMA on April 25 and reached $48 from $31.30, gaining almost $17 till date. In fact, LINK reached an intraday high of $51 before retreating. During this upward surge, LINK managed to flip the 20-day SMA from resistance to support. Let’s take a closer look with technical analysis.
Chainlink Price Retreats After Breaking $50 Barrier
The Chainlink price faced tough resistance at $43 before it finally broke through yesterday. Due to this climb, the relative strength index (RSI) has crept into the overbought zone, which tells us that LINK is overbought. More bearish correction is expected.
Image: LINK/USD daily
Chainlink price has healthy support at $43, wherein 79 addresses had purchased a little over ~3.25 million LINK tokens.
SmartZip To Add New Chainlink Node
Analytics firm SmartZip recently announced the launch of their node on Chainlink’s decentralized oracle network. The Chainlink node will serve as a secure blockchain middleware that makes current SmartZip APIs compatible across various blockchain networks.
Through the new Chainlink node, SmartZip can supply its proprietary real estate data to blockchain-powered applications. Furthermore, the Chainlink node cryptographically signs all data broadcasted on the blockchain, according to the announcement. This gives users cryptographic proof of the data’s authenticity as arising from a SmartZip API.
The Chainlink node also extends SmartZip’s datasets into emerging blockchain markets while provisioning new varieties of real estate products and markets. Devs can use SmartZip’s data to produce data-driven smart contract applications that settle prediction markets centered around future house values. They can also calculate the value of NFTs representing real estate before executing trades of tokenized properties.
According to SmartZip, Chainlink offers a "time-tested, industry-standard oracle solution" for making SmartZip’s real estate data accessible to a large pool of smart contract developers.
Robert Reardon, General Manager of SmartZip, said:
Chainlink offers SmartZip a quick, easy, and secure solution for transitioning our current API infrastructure to support blockchain networks. Not only does this open up new revenue streams in an emerging market, but it’s a future-proof solution that can easily scale to support a variety of new blockchains and applications. This saves us a considerable amount of time and resources while exposing our data to a new decentralized economy.
Joining the Chainlink Network as a node operator allows SmartZip to participate in the growing smart contract economy. This is done by providing premium data to new forms of decentralized and openly accessible real estate markets.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price will likely retreat further to bring RSI back into the neutral zone.