Chainlink is the industry standard for on-chain weather data, but is that reflected in the LINK price? | Cryptocurrency

  • Chainlink price is swinging dangerously in a rising channel as losses at $5.80 persist.
  • Chainlink’s enterprise-grade middleware can help organizations develop climate markets and improve energy management.
  • LINK price may maintain support at the 100-day SMA and buyer congestion at $7.00, as highlighted by IOMAP.

Chainlink price is still facing prolonged selling pressure since the start of the week when it was rejected from resistance around $8.00. The smart contract price feed oracle token slowed its downtrend at the lower boundary of the ascending channel – bolstered by the 100-day simple moving average (SMA) (blue).

Explore Chainlink’s enterprise-grade middleware

Chainlink has positioned itself as the industry standard for on-chain weather data. The network provides organizations with enterprise-grade middleware – supporting high-integrity, interoperable and efficient climate markets.

Chainlink aims to advance climate markets and foster energy management and sustainable initiatives. Users can leverage Chainlink resources to integrate Web2 data on-chain, supporting smart Web3 solutions. Building highly efficient climate ecosystems requires focused digital measurement, reporting and verification.

Chainlink is one of the most used cryptocurrency projects in the industry. Most smart contracts and decentralized finance (DeFI) platforms operate using data processed by Chainlink’s oracle protocol.

Typically for all cryptocurrency projects, utility use cases build and create value. That being the case, Chainlink’s price is better positioned for a bullish outlook, even as the cryptocurrency market navigates the current murky and bearish waters.

Chainlink price rally bets on this support

The middle boundary of the ascending parallel channel, in conjunction with the 100-day SMA, helped LINK price fight the declines, preventing the bears from breaking out of the channel and advancing to descending levels at $6.40 and 5, $80. At the time of writing, the token is teetering at $7.32, inside the channel, as traders focus on pushing for a spike to the upper boundary, and potentially beyond.

LINK/USD daily chart

Chainlink’s immediate upside is the 50-day SMA (yellow). However, with the Moving Average Convergence Divergence (MACD) holding above the average line, the odds could favor a resumption of its uptrend. At the same time, a break above the seller’s focus at $8.00 could be the fastest exit for LINK price from stubborn bearish channels.

Chainlink IOMAP Model

Chainlink IOMAP Model

IntoTheBlock’s In/Out of the Money (IOMAP) on-chain model cements the presence of LINK traders between $6.68 and $6.93. Around 10,600 addresses have already purchased 296 million tokens in this range. Holders in this zone are unlikely to easily give up their gains, given the need to push the price of Chainlink higher.

In other words, traders will have to work hard to break the support zone. On the other hand, the lack of strong resistance levels at $8.00 suggests that the path with the least resistance is to the upside.

We want to say thanks to the writer of this article for this outstanding material

Chainlink is the industry standard for on-chain weather data, but is that reflected in the LINK price? | Cryptocurrency

You can find our social media profiles , as well as other pages that are related to them.