- The Chainlink price is up by over 5% during the ongoing session.
- LINK has been quite bullish since the weekend after it had dropped by over 9% on Friday.
The Chainlink price remained extremely bullish during the ongoing session, as buyers pushed it above $26. LINK has been in the green since the weekend after it had pushed up marginally on Saturday after a significant fall on Friday. The price pushed up by almost 3% on Sunday as it moved to $24.78. On Monday, the bullish sentiment persisted as LINK pushed up to $25 before a marginal increase on Tuesday pushed the price to $25.31.
Chainlink Price Chart Indicates LINK Could Move To $28
The Chainlink price had pushed up marginally on Saturday (20th) before pushing by over 2% on Sunday to end the previous weekend at $29.01. However, Monday saw a significant drop, as LINK fell by over 7%, dropping to $26.81. The 200-day SMA acting as support at this level pushed the price up marginally on Tuesday, but LINK fell back on Wednesday, slipping below the 200-day SMA and settling at $25.60. The price saw another recovery on Thursday as LINK moved up to $26.38 but fell back significantly on Friday, dropping by 9.11%, slipping back below the 200-day SMA and settling at $23.97.
Image: LINK/USD daily
After Friday’s drop of over 9%, the Chainlink price recovered on Saturday, rising marginally and settling at $24.11. LINK pushed up further on Sunday, rising by 2.77% and settling at $24.78, ending the weekend on a positive note. On Monday, the price continued to push up, rising by 0.92% and then rose by 1.21% on Tuesday, settling at $25.31. The current session sees LINK up by over 5%, with the price at $26 and pushing higher.
The Parabolic SAR is still bearish, but if the price continues to push higher, we could see it flip to bullish.
Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK faces strong resistance at around $28.63. At this price level, over 19,000 addresses have sold more than 43 million LINK. LINK also has strong support at around $23.15. At this price level, more than 22,000 addresses have bought over 38 million LINK.
The 4-hour Chainlink price chart shows us that LINK had dropped to $25.29 on the 24th. The price pushed up significantly from this level, as it pushed above the 20-bar SMA and rose to $27.35. However, with the 50-bar SMA acting as resistance, the price dropped significantly, slipping back below the 20-bar SMA and settling at $23.36. LINK pushed up to $24.51 but fell back to $23.43 before recovering on the 29th, pushing above the 20-bar SMA to $24.78. With the 20-bar SMA acting as support, the price could maintain this level and then rose above the 50-bar SMA on the 30th, rising to its current level of $26.
We can see that the MACD and the Parabolic SAR are both currently bullish, indicating that the price could push higher.
Image: LINK/USD 4-hour
CitaDAO Integrates Chainlink
CitaDAO is integrating industry-leading oracle solution Chainlink to unlock tokenized real estate use cases in DeFi. CitaDAO is creating a Real Estate powered Decentralized Finance (DeFi) ecosystem on Ethereum that features sustainable yield farms.
The integration will leverage Chainlink oracle infrastructure to provide a reliable real estate valuation data feed to the DeFi ecosystem, a crucial backbone for protocols and developers looking to build trustless decentralized applications using real estate-backed tokens.
Chainlink nodes will provide appraisal data sourced from world-class global real estate consultancies such as CBRE, Savills, Knight Frank, JLL, and Cushman & Wakefield. The data is cryptographically signed so that the consumer of the data feed knows that it came directly from a known, reliable source.
Smart contract developers can use the Chainlink node as a price oracle to create primitives based on real estate valuations. CitaDAO aims to build more use cases for tokenized real estate to unlock capital in the global commercial real estate market, estimated to be valued at $32.6 trillion U.S. dollars.
The tokenized real estate will allow DeFi protocols to access this value and enable use cases such as lending backed by real estate. Joel Lin, a contributor to CitaDAO, said:
“Through integration with Chainlink, CitaDAO is creating greater transparency and efficiency around real estate valuation data on blockchains. PropMarketCap, CitaDAO’s first community grant recipient, is working to create industry data standards and processes to ensure real estate valuation data can be stored and utilized easily by DeFi applications.”
The ‘oraclelization’ of real estate valuation data will allow CitaDAO to kickstart a new wave of DeFi protocol innovation in the real estate industry and create powerful primitives and sustainable yield farms powered by real-world real estate.
Chainlink Price Is Expected To Reach These Levels
The Chainlink price chart shows us that LINK has pushed up significantly during the ongoing session. If buyers can retain control of the session, then we could see LINK push to $28.