The price of Chainlink (LINK) has advanced from $7.6 above $11.5 in less than several weeks and the current price stands around $10.9. LINK has found strong support above $10 but the price is still not able to surpass $12 resistance.
Fundamental amalysis: Chainlink is added to the decentralized platform for developing smart contracts
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink has its own cryptocurrency known as LINK and according to analysts, this project could eliminate the reliability issues that might occur if using only a single centralized source.
Investors in Chainlink (LINK) should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Chainlink (LINK). Since many of the enterprises and developers are looking for such a decentralized oracle network, the future looks bright but there’s still a level of uncertainty surrounding the project.
There are some obvious risks when it comes to buying LINK currently but if the price jumps above $12 this October that will be confirmation of the bullish trend.
Technical analysis: Chainlink (LINK) has stabilized above the important support level
Data source: tradingview.com
According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. The current resistance levels are $12 and $14, $10 and $9 represent the current support levels.
If the price jumps above $12 it would be a signal to buy Chainlink (LINK) and we have the open way to $13. Rising above $14 supports the continuation of the bullish trend and the next price target could be located around $15.
On the other side, if the price falls below $10 it would be a “sell” signal and we have the open way to $9.
Chainlink (LINK) has found strong support above $10 and the technical picture implies that the price may recover above $12 this October. The transaction volumes of this cryptocurrency are expected to increase but there’s still a level of uncertainty surrounding the project. If the price jumps above $12 it would be a signal to buy Chainlink (LINK) and we have the open way to $13.