The entire cryptocurrency industry has continued to struggle this week, with major cryptocurrencies such as Bitcoin dropping by 20 per cent. However, Chainlink’s price has been among the few top cryptocurrencies of the week, recording a 3 per cent gain in the market. In today’s trading session, Chainlink is already up by 2 per cent, and the bullish trend is looking likely to continue throughout the session. It has also been bullish in three of the last four trading sessions.
Part of the reason Chainlink may be going up is due to the latest developments in the platform. On June 7, the platform announced the implementation of staking within the Chainlink network. This would allow participants the ability to increase the security guarantees and user assurance of the platform’s Oracle services by backing them with staked LINK tokens.
The company has also recently announced 20 integrations of chainlink services, such as the Chainlink External Adapter. Normally, such huge developments will have an impact on the markets, and the current push to the upside may be a result of these developments.
This week, Chainlink price feeds were taken live on Polkadot-based Moonbeam. The Chainlink price feed’s availability will help builders reliably aggregate price information from many exchanges. This will help in chainlink price accuracy, which in turn will help developers build more sophisticated decentralized applications that can be launched on the Moonbeam network. The announcement is also significant enough and may be behind the current Chainlink price boost.
Chainlink has been among the few cryptocurrencies that have overperformed in the markets this month. Today, the prices are up by 2 per cent. The current aggressive bullish trend is also looking to have enough momentum to continue throughout the session.
Following the latest integrations and developments of the platform, it is likely that the fundamental factors are the ones pushing the prices high. Therefore, my chainlink price prediction expects the prices to continue going up, especially with the latest integration of price feeds into Moonbeam. As a result, there is a high likelihood that we will see prices trading above $10 again in the next few trading sessions.
My trade analysis, however, will be invalidated if prices drop to trade below the $5 price level. At that point, the prices will have entered a bear market.
This post was last modified on %s = human-readable time difference 13:01