On August 09, 2018, two major announcements undoubtedly sent the price of LINK (LINK utility token) skyrocketing. One is that LINK is listed on the cryptocurrency exchange OKEx, while the other is that ChainLink (the company behind LINK) became a unicorn.
The Bitcoin network is currently running at a capacity of 3.6 transactions per second, with a total of 12.3 million transactions currently being processed (compared to Visa’s processing capacity of 42,000 transactions per second, with a total of 7 billion transactions). The network desperately needs more nodes to be added and the value of the Bitcoin network to increase so it can handle more transactions. LINK Utility is a new type of blockchain from LINK Network. LINK Network will be fully integrated with LINK Utility so that developers can use LINK Utility to easily build distributed applications on LINK’s blockchain. LINK Utility is “Gonna Boom” because LINK Utility can support thousands of nodes and millions of transactions per second.
In the past few weeks, I’ve received numerous questions about the status of LINK Utility, the open source decentralized protocol for smart contract application. I want to make sure you know that the work we are doing to build a decentralized p2p utility is going to be far more valuable than any coin/token/tokenized asset. LINK Utility is going to be the drivers to $80, including $10 billion in total value by the end of 2023. A full breakdown of those numbers can be found at http://www.linkedin.com/pulse/72-chainlink-going-become-drivers-80-cryptocurrency/ .. Read more about is chainlink a good investment in 2023 and let us know what you think.
Is Chainlink in a desperate, doom-and-gloom situation?
Certainly not.
Analysts are concentrating on the effect of the previous two weeks’ events, rather than the anticipated daily swings in LINK pricing.
Market Performance of Chainlink
The daily chart shows that the path of least resistance continues to go northwards.
According to coin monitors, the second most valuable DeFi token is trading inside a bullish breakout pattern, behind only UNI. Furthermore, the coin has strong foundations. It holds the distinction of being one of the few currencies that has broken its ties with Bitcoin.
At the time of writing, LINK is down 10% against the US dollar and is losing strength against both ETH and BTC. Even yet, based on the daily chart’s candlestick pattern, Chainlink crypto purchasers remain in command.
Furthermore, during the contraction, trading volumes are lower than anticipated, indicating nervousness among dealers, which helps buyers.
In general, Chainlink technical analysis gently encourages LINK token purchasers to delve deeper on pullbacks, loaded with goals of $54 in Q1 2023.
As previously said, LINK/USDT prices are trading inside a bullish breakout trend.
The rise over the middle BB—a previous resistance line that is now a support line on the daily chart—is the first.
Second, the break above the highs of July 2023. The increase in trade volumes was promising, indicating a trend and even significant volatility in the days ahead.
Is the Chainlink token price on the verge of tripling its value if LINK buyers return, rejecting further lows and rebounding off the 20-day moving average in trend continuation?
“To Go Parabolic” by Chainlink
At least, this is one trader’s perspective on Trading View.
The expert claims that the LINK token is trading inside a bullish breakout pattern above major resistances, headed by the VAH, in his daily chart analysis.
The trader believes LINK is going to go parabolic back to $50 after breaking over this liquidation line, which the volumes profile indicator had identified as a significant response signal.
At $30, the response is a carefully observed bulls vs bears battle. If anything, Chainlink bulls must break above this level, allowing traders to establish medium-term objectives above $50.
LINK/USDT Is About to “Boom”
Another trader on Trading View has expressed similar sentiments.
LINK/USDT prices have formed a rounded bottom, according to his research on the daily chart.
The zone between $30 and $33 is explicitly marked as a liquidation zone by the analyst.
Chainlink prices are expected to rise another $20 if this barrier is passed, bringing the token’s value to around H1 2023 highs.
The Chainlink Bulls may be able to push the stock beyond its all-time high of $80.
Chainlink’s usefulness, collaborations, and recent integration with Arbitrum—Ethereum layer-2, according to Crypto Profit on YouTube, will all combine to boost LI.
The demand of the Democratic People’s Republic of Korea.
He expects the Ethereum-based cryptocurrency will not only break over $30, but also to break through $54—H1 2023 highs—on its way to $80 and $100 in the following months.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
When Ethereum was released at the end of 2015, the value of the coin spiked from $0.10 to $2.00 within a few short months, making it the second-most valuable cryptocurrency in the world. It has since dropped, but is still a fantastic investment for those interested in cryptocurrency.. Read more about chainlink price prediction $1,000 and let us know what you think.
Chainlink is not going to explode."}}]}
Frequently Asked Questions
Will chain link reach $100?
I dont know.
How much will chainlink be worth in the future?
Chainlink is currently worth $0.9, but it is expected to be worth $1.5 in the future.
Is chainlink going to explode?
Chainlink is not going to explode.
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