Chainlink Technical Analysis: LINK Crosses Below Key Level
Daily Chainlink LINK Price Analysis
- Chainlink price has major resistance at $38.
- The MACD shows sustained bullish market momentum.
In a three week period between March 25 and April 15, the Chainlink price surged from $25 to $42.50, gaining almost $18 in overall valuation. Following that, the LINK price crashed over the next four days to $35.80. The buyers took back control this Tuesday to negate Monday’s losses but the sellers then retook control this Thursday.
Chainlink Price Has Had Five Bearish Sessions Out of Last Six Days
This Thursday, the Chainlink price dropped from $39 to $37.30, as the bears reclaimed the $38 level as a resistance. The parabolic SAR still shows that the present market sentiment is negative. However, the market momentum has remained positive.
Image: LINK/USD daily
The strongest resistance barrier for Chainlink price lies at $38, as per the IOMAP. Previously, at this level, 3,400 addresses had purchased a little less than 11.4 million LINK tokens.
Chainlink Reveals V2 Whitepaper
Decentralized oracle platform Chainlink recently unveiled its V2 whitepaper, dubbed Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks. The firm noted that the update aims to enhance blockchains by providing fast, reliable, and confidentiality-preserving universal connectivity and off-chain computation for smart contracts.
The whitepaper outlined a long-term, multi-year vision for the future of oracle-enabled smart contracts. In the paper, Chainlink stated that Decentralized Oracle Networks (DON) would create a decentralized metalayer, which enhances smart contracts with highly scalable, confidential, and secure forms of off-chain computation. This is in addition to the external data feeds that Chainlink currently powers.
Chainlink also explained a new architecture for building hybrid smart contracts where DONs offer capabilities that blockchains cannot. DONs would act as an off-chain computation layer that is anchored to blockchains for security while operating with the scalability of off-chain systems. The new layer also enables a product suite of Chainlink Decentralized Services that fuel several secure, smart contract applications capable of supporting many more use cases than it does now.
The whitepaper noted that with DONs as a springboard, Chainlink plans to focus on advances in seven key areas. These areas include hybrid smart contracts, reducing complexity, scaling, confidentiality, order-fairness for transactions, trust minimization, and incentive-based security.
Chainlink Price Is Expected To Reach These Levels
The buyers will need to cross above the $38 resistance and reach back to the $40 line.