|Performance after Friday 29-Jul|
Chainlink (LINKUSDT) price for the week to-date gained 9.32% or 0.661 higher to 7.75. At time of writing into Saturday’s trading session, Chainlink has increased by 5.41% over the past 24 hours. For the record, LINKUSDT is -85.28% below all-time high of 52.70. On Friday, LINK rose 9.23% to 7.88.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising but in overbought zone, our analysis is that there is bullish momentum and price could continue to go higher.
For the month-to-date, LINK is up by 23.68% or 1.485 higher.
What can we expect from Chainlink today?
Looking ahead for the day, immediate upside resistance level at 8.30 (R1) while on the downside, we are looking at daily low of 7.11 as an important support. Break below this level could weaken the current bullish momentum.
Chainlink need to break on either side to indicate a short-term bias. A break above 8.12 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Chainlink is rising and up by 9.32% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2022-07-24 was 11.77%.
Key levels to watch out:
Last updated: 02:51 am UTC, 30-Jul 2022
Chainlink is a framework for building Decentralized Oracle Networks (DONs) that bring real-world data onto blockchain networks, enabling the creation of hybrid smart contracts. These DONs provide decentralized services such as Price Feeds, Proof of Reserve, Verifiable Randomness, Keepers, and the ability to connect to any web API.It aims to ensure that the external information (pricing, weather data, event outcomes, etc.) and off-chain computations (randomness, transaction automation, fair ordering, etc.) fed to on-chain smart contracts are reliable and tamper-proof.