Chainlink (LINK) is a decentralized oracle service and is the first blockchain platform in the oracle category. It is a bridge between smart contracts, allowing users to use network software to retrieve data from APIs, data groups and other resources to integrate them into the Blockchain.
Strong fundamentals
On December 20, Chainlink partnered with Synthetix, the second-largest DeFi application in Ethereum, to bring decentralized pricing to Ethereum safely and reliably. This is a leap for the DeFi space.
Chainlink has now joined the YouHodler platform along with more than 13 types of cryptos/ stablecoins.
In addition, Chainlink’s level of social participation has steadily increased this week to 1,224,289 unique participants every hour. Chainlink currently has the 4th highest altrank in the market indicating relative strength in trading volume, price outperformance relative to BTC, increasing social engagement, and rising social volume.
4/5 Chainlink currently has the 4th highest #altrank in the market indicating relative strength in trading volume, price outperformance relative to $btc, increasing social engagement, and rising social volume. https://t.co/vMUJ4Moz7k $link @chainlink pic.twitter.com/vxUZMfi53A
— LunarCRUSH (@LunarCRUSH) December 21, 2019
Moreover, the number of shared links measures what the community is exchanging in real-time relative to Chainlink being created and engaged upon is increasing rapidly.
LINK uptrend
Chainlink is the best performing cryptocurrency of the year so far. An annual analysis (YTD) of 2019’s top-performing cryptocurrencies shows that Chainlink goes far ahead of other cryptocurrencies.
LINK has been moving in an uptrend for a year and a half (545 days). Since the beginning of the uptrend, the coin has gained more than 1000%. This is one of the rare coins going against the market.
The price of LINK may have reached a high in 2019. The correction time will continue until LINK starts a new up move at a gradual pace.
The LINK price has decreased since November 16, losing 30% of its value. However, on December 19, the price rebounded in a critical support area, suggesting that a bullish move could begin. This move is supported by the above positive news.
LINK’s market capitalization is currently at $ 660 million with 24 hours trading volume of $ 89 million. Trader Maciej Buczowski believed that Link’s prospects for the new year will be very positive. According to him, the price will easily reach 10-20 USD by 2020, even with a very minimal price increase.
Current marketcap of #chainlink is only $657.21M.
We are sooooo early, a single #link will easily go to 10-20 USD in 2020, even with a very minimal bull run.#bitcoin #blockchain #fintech #crypto
— Maciej Buczowski, PhD (@Mac88Q) December 22, 2019
Trader PostyXBT outlined a LINK price increase at the support area of 25,000 satoshis (sts), also in line with the 200-day moving average (MA). According to him, the next test to the resistance area of 27,500 sts, also coincides with the 100-day MA resistance.
Nice start.
Let’s see how price reacts at 27.5k resistance which aligns with the 100MA. pic.twitter.com/E6QeXJEoB5
— Posty (@PostyXBT) December 20, 2019
According to analyst SpartaBTC, LINK currently has a correction for the uptrend line. It is very likely that a large ascending triangle will form inside a giant extended triangle. The uptrend will be supported by the uptrend line.
Source: Trading View
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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