ChainLink Price Analysis: With Google Integration, Up 42% LINK Bulls Are Just Getting Started
Today’s ChainLink (Link) News
The future is automation. It may be banal. Reiterated, it is becoming obvious. But this is the path for efficiency. Ethereum and several clones promise to do the same. However, it is Ethereum that stands out. It is conspicuous despite critics zeroing in on its throughput. Good news is, the SEC and other regulators sees no problem with the platform’s decentralization. Based on Ethereum, ChainLink is riding off the decentralization wave.
Promising automation, they are introducing Oracles. These are basically smart contracts that execute in real time. Making this useful is the link between verified data that activates execution from sources in the internet. With so much depending on the Prediction market, it seems Google is interested.
Through their BigQuery system, the Wall Street giant mentioned ChainLink (LINK) in their recent blog post. That was enough to lift the ERC-20 token from their current lulls as investors got curious. In a span of a few hours, the token, LINK surged 25 percent setting the pace on what could be the buy of the quarter.
Through a piece titled, “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud”, Google Cloud said:
“We’ve demonstrated how to use ChainLink services to provide data from the BigQuery crypto public datasets on-chain. This technique can be used to reduce inefficiencies (submarine sends use case) and in some cases add entirely new capabilities (hedging use case) to Ethereum smart contracts, enabling new on-chain business models to emerge.”
Chainlink LINK/USD Price Analysis
From price charts, the community is ecstatic. Reflecting the possibility of a partnership with a proven tech leader, ChainLink investors could reap huge benefits. Already, LINK is up a ballpark 42 percent in the last day and week respectively.
That is impressive, trumps BTC and other liquid assets like ETH which are up a paltry 5.4 percent and 2.1 percent week-to-date. However, despite the upswings, there is opportunity for traders to fine-tune entries in smaller time frames.
Notice that after finding support off the 61.8 percent Fibonacci retracement level in a trend continuation phase, yesterday’s surge did close above May 2019 highs. If anything, that is a textbook bull breakout pattern confirming buyers of May 2019. In that case, pasting a Fibonacci extension tool within the same trade range places the next feasible target at $2.6, the first extension level and $3.2, the second level.
Therefore, backed with firm fundamentals-and what ChainLink seeks to do, the path of least resistance is up. As such, every dip is another buying opportunity for traders with modest targets of $2.6 and $3.2 as aforementioned. After all, note that behind this surge is a build up of trading volumes.
For example, yesterday’s extensive bar had 1.30 million against 360k, a hint of interest and demand that could prime more participation, buoying bulls and prices.
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Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.