- The deployment of VIP-23 proposal from the Venus to allow a upgrade on ChainLink as its oracle solution may push the price to higher levels
- LINK price is currently trailing at $48.4 with an intraday gain of 3.56%. In contrast the LINK/BTC pair is seeing a halt from bullish momentum
Chainlink is a decentralized oracle network with an aim to universally connect the smart contracts . LINK price is currently trailing at $48.31 with a hint of bullish momentum. It has seen a jump of more than 250% from the start of the year. It has seen a ROI of 15975% which has gathered the interest of investors frequently. LINK/BTC pair is currently in a slump but can soon see a major breakout price.
The recent news about Venus, a money market and synthetic stablecoin protocol built on the Binance Smart Chain (BSC) . It has deployed a VIP 213 proposal for an upgrade in Chainlink. LINK will provide a much needed security and reliability for the project. This proposed integration will allow Venus to leverage the LINK oracle data and give timely price updates. It will automate the money market with more security and reliability.
Chain Link is currently ranked 12th with the market capitalization of $20,401,818,900.26. The volume of the coin has seen a gain of 0.07% in the intraday session. Volume to Market capitalization ratio of the coin is 0.153. If the ratio crosses above 0.8 then a buying rush could be observed.
Technical Indicators Hints A Consolidated Momentum For LINK Price
LINK Price is seeing a bullish momentum on the weekly technical chart.On coming to the daily chart Chain link price is in a consolidation move . The price is above the 50 and 100 Daily Moving Average.The 50MA (Red) line is at $35.5 making it temporary support for the coin. Resistance for the coin on going upside can be seen at $60. On the down side price can see a bounceback from $40. LINK has formed a demand zone on the daily chart. If the price breaks down 15% below the demand zone then a bearish momentum till $35 can be seen. LINK/BTC pair can also see a downtrend in upcoming trading sessions.
RSI( Bearish):It is trailing at the value of 65.9 showcasing its presence in the oversold zone.There is a negative slope formation in the RSI which highlights that price can see an downtrend.The overall sentiment of Bearish.
LINK has recently integrated with Venus which can push the price to higher levels. LINK price can see a small correction before seeing a bullish rally.LINK/BTC pair can also see a new highs being formed.An Investor should do their due diligence before investing.