Chainlink Technical Analysis: LINK Is Hovering Horizontally Around $48
Daily Chainlink LINK Price Analysis
- Chainlink price is falling towards $47 support barrier.
- LINK has been trending horizontally after flashing the sell signal in TD detector.
The Chainlink price bounced up from the 50-day SMA on April 25 and reached $49.60 on May 5. During this upward surge, LINK gained 58% in overall valuation and flipped the 20-day SMA from resistance to support. However, the price has been moving horizontally since then.
Chainlink Price Flashes Sell Signal
On May 5, the Chainlink price flashed a sell signal in the form of a green-nine candlestick. Since then, LINK is trending horizontally around the $48 level. However, the MACD shows sustained bullish market momentum.
Image: LINK/USD daily
Chainlink price has solid support level at $47, wherein over 8,000 addresses had purchased almost 7.50 million LINK tokens.
Protofire Natively Integrates Chainlink on Plasm and Shiden
Protofire, a development workshop for decentralized protocols, has recently been selected as a recipient of a community grant to complete a native integration of Chainlink into smart contract platform Plasm and Plasm’s Kusama implementation Shiden.
The integration will enable Plasm and Shiden developers to use Chainlink oracles to interact with multiple external data feeds and off-chain computations. This would ultimately create a more robust smart contract ecosystem.
In addition to bringing Chainlink Price Feeds to DeFi projects launching on the Plasm and Shiden networks, the integration will open up development for a broader set of use cases across gaming, NFTs, insurance, and other industries.
Protofire is a popular provider of development and blockchain-related consultancy services. The firm has extensive experience in developing decentralized protocols, developer tools, and smart contracts.
It has also contributed its development resources to various leading blockchain-based projects, including Gnosis, The Graph, Maker, Tezos, 0x, Kyber Network, Synthetix, etc.
Christian Malfesi, Director of Engineering at Protofire, said:
We’re excited to be awarded another Chainlink community grant, this time to integrate Chainlink’s leading oracle solution directly into the Plasm Network. As a highly experienced development shop that has already successfully ported Chainlink into other blockchains, we look forward to using our expertise to bring Chainlink oracle functionality and solutions to Plasm developers, empowering them to build a wide variety of advanced smart contract applications connected to real-world data and off-chain computation.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price is currently trending around $48 below the $48.50 resistance barrier. As things go, LINK is dropping towards the $47 support wall. This barrier is strong enough to absorb a lot of selling pressure.