- Summary:
- Chainlink price held steady on Friday morning as focus shifted to the upcoming changes in its ecosystem. What next for LINK prices?
Chainlink price held steady on Friday morning as focus shifted to the upcoming changes in its ecosystem. The price also rallied as investors cheered the hints by Jerome Powell, the Federal Reserve chairman. LINK was trading at $7.80, which was the highest level since November 8. Like other cryptocurrencies, Chainlink has jumped ~40% from its lowest level this year.
LINK staking ahead
Chainlink crypto price has been in an upward trend in the past few days as investors focus on the upcoming changes in the network. The most significant is that the platform will shift to become a decentralized oracle network (DON). As a result, it will introduce the concept of staking, which will be useful to both its network and its token holders.
The collapse of FTX and companies like BlockFi and Celsius has revealed the dangers of centralization. Dangerous things can happen when too much power is held by just a few people. Therefore, some people have started to embrace decentralization. Besides, most DeFi platforms like Uniswap and GMX continued thriving albeit at a lower volume.
The transition into a DON means that LINK holders will be able to earn returns by just holding the tokens for a certain period. This process will start for a few number of people on December 6 of this year. It will then be ruled out to all holders in the coming weeks. Therefore, this anticipation will likely lead to more upside for the coin in the near term.
Chainlink price prediction
In an article I wrote this week, I noted that Chainlink was the best coin to buy now in December. The bullish view was correct as the coin jumped to the highest level since November 8. On the four-hour chart, it has rallied above all moving averages. It has moved above the 50% Fibonacci Retracement level and formed an inverted head and shoulders pattern.
Therefore, Chainlink price will likely continue rising towards December 6 and then retreat. This retreat will happen because of a concept known as buying the rumor and selling the news. In the mean time, it will rise to about $8.5. A drop below the support at $7.3 will invalidate the bullish view.
