Chainlink Price Prediction: LINK Trends In $1.5 Channel Over The Last Six Days

Daily Chainlink LINK Technical Analysis

Last Updated August 9th 2021
3 Min Read
  • The Chainlink price has been hovering between $23.50 and $25 since August 3.
  • RSI indicates that LINK is slightly overpriced.

The Chainlink price has been trending in a $1.50 channel between $23.50 and $25 since August 3. Previously between July 21 and August 3, LINK rose from $13.65 to $23.50 - nearly doubling its value.

Chainlink Price Stuck Below $25

During the aforementioned jump, the Chainlink price managed to:

  • Reverse the parabolic SAR from negative to positive.
  • Flip the 20-day and 50-day SMAs from resistance to support.

The relative strength index (RSI) is hovering at the edge of the overbought zone, so a further drop in LINK is expected.

Image: LINK/USD daily

LINK/USD daily chart 080921

As per IntoTheBlock’s IOMAP, the Chainlink price faces strong resistance at $25. Previously, at this level, 6,840 addresses had purchased almost 30.5 million LINK tokens at this line.

Image: IntoTheBlock

LINK/USD volume chart 080921

Chainlink Smart Contract Summit #1 Highlights

Chainlink, a leading oracle solution, recently outlined several highlights from Smart Contract Summit #1. The firm noted that the event saw 15,000+ attendees from 140+ countries around the globe, 200+ industry-leading founders, researchers, and developers. These attendees explored the most important innovations and collaborations across the blockchain ecosystem.

Firstly, Chainlink noted that with the rise of hybrid smart contracts, developers are realizing the power of secure off-chain services for broadening the functionalities of dApps, ranging from verifiable randomness to low-cost automation. SmartCon gave attendees insight into the continued expansion of trust-minimized off-chain computations powered by the Chainlink Network, including the launch of Chainlink Keepers on mainnet, an introduction to Chainlink Fair Sequencing Service (FSS), and the announced Cross-Chain Interoperability Protocol (CCIP). 

As per Chainlink's blog post, SmartCon showcased how some of the largest enterprises in the world are ramping up their infrastructure to support various decentralized applications by bringing valuable data and services to smart contract developers. For instance, Google Cloud is collaborating with Chainlink to enable smart contracts to query NOAA weather datasets on Google BigQuery. This will power on-chain parametric insurance based on reliable weather measurements from 9000+ stations. 

Chainlink added that multiple speakers explained how blockchain technology can be harnessed to further social impact initiatives and enable a more open, fair, and transparent global economic system.

"In a social impact roundtable, leaders in social good projects from exMachina and GoodDollar discussed how blockchain technology and Chainlink decentralized oracles can solve critical problems in climate change and income disparity by leveraging automated, deterministic smart contracts connected to high-quality weather and market data."

While DeFi platforms are rapidly advancing in adoption and innovation, a growing number of CeFi institutions are breaking into the blockchain ecosystem, Chainklink said. They are doing so by decentralizing their infrastructure and integrating DeFi protocols to achieve more reliable, transparent, and higher yield financial products.

The firm highlighted that project leaders within the NFT space came to SmartCon to showcase a new generation of gaming dApps, from play-to-earn NFT applications to multi-game platforms that use DeFi-wrapped NFTs as playable characters. 

"The Chainlink Network provides a broad scope of oracle functions for this emerging wave of blockchain games, such as linking in-game tokens to off-chain data, generating tamper-proof randomness for in-game battle royales, and automatically harvesting in-game yields."

Lastly, Chainlink noted that projects at all layers of the Web 3.0 stack and across multiple blockchains are working together to explore new smart contract use cases and provide greater functionality to dApps, from confidentiality-preserving mechanisms to cross-chain development. 

Chainlink Price Is Expected To Reach These Levels

If the Chainlink price takes down the $25 and $26 resistance barriers to reach the $30 line.

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