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Chainlink (LINK) has gained 6% after a week of bearish movement. They traded with steep ups and downs over the past few days, recording a 3% price decline.
However, today’s gains have renewed investors’ hope that a rally might be imminent.
LINK’s Price Moves
LINK’s uptrend today might be due to the increased buying strength by the bulls. The surging trading volume supports this assumption, as it increased over 61% in the last 24 hours, bringing LINK’s trading volume to over $407 million.
LINK’s price of $8.081 at 9:00 EST—July 27, represents a 6% in the last 24 hours. Coingecho data shows the cross-chain data aggregator has recorded a 25% price increase over the past 14 days, with a 29% 30-day growth in value.
Technical Overview Shows That LINK May Remain Bullish
LINK trades above the 50-Day and 200-Day Simple Moving Average (SMA), signaling a bullish trend. The Relative Strength Index (RSI) is at 64.35, approaching the overbought zone (70), demonstrating a high buying pressure on LINK.
The Moving Average Convergence Divergence (MACD) indicator is above the signal line, confirming today’s uptrend. LINK would likely continue the bullish trend in the next few days.
LINK’s Support and Resistance Price Levels
The chart above suggests the bulls’ activity will likely force LINK to the $8.381 resistance in the next few days. The chart shows that LINK is only a step away from touching the key resistance level at $8.31.
A little buying pressure could propel the link to that zone, leading to more uptrends. However, if the bulls fail to sustain the current rally, LINK could recede to the $6.210 support.
Experts Predict LINK’s Future Market Price
Some crypto technical analysts at Bitcoin predicted that by 2024, LINK’s market price could be around $17.69, $20.10, and $22.51 for the minimum, average, and maximum prices. By 2025, they forecasted that the market price might fall to $25.73 and record a surge at $30.55 but have an average price of $28.14.
A team of experts at AMB Crypto predicted that by the year 2026, the coin’s market price might have its average, lowest, and highest prices around $16.59, $13.27, and $19.91, respectively.
By 2027, they also shared that LINK could have an average price of $21.90, a minimum price of $17.52, and a maximum price of $26.28.
Some group of analysts at Coincodex forecasted that by 2028, the asset’s value might appreciate $67.68 but record a significant drop to $10.77 before the year ends.
By 2029, the group also stated LINK might witness a drop to $25.08, but the bulls could later reclaim market control and force the coin to hit the $90.37 price level.
Other crypto experts at CryptoNewsZ predicted that by 2024, the coin’s market value might depreciate to $11.97 and likely rise to $17.23. Moving to the year 2030, they forecasted that LINK’s price would be around $17.85 for its lowest price and $ 25.69 for its highest price.
Possible Factors That May Affect LINK’s Market
Latest Development in Chainlink’s Ecosystem
Chainlink announced through its Twitter page that Angle Protocol integrated more than 25 Chainlink price data feeds.
The integration will enable the protocol to calculate the Backed off-chain (external world) tokenized asset used as collateral in its borrowing module to borrow agEUR.
After the connection, Chainlink Data Feeds will displace the prices of the on-chain asset to make them relevant collateral security for borrowing agEUR. This development demonstrates the increased adoption of Chainlink’s price Oracle, confirming LINK’s rising trading volume. In addition, Chainlink shared a list of over 75 new speakers for its SmartCon 2023 network conference.
For context, SmartCon is a conference hosted by Chainlink to bring blockchain experts and enthusiasts together. At the conference, recent advancements and innovations in the blockchain ecosystem and Chainlink’s network, including challenges to mainstream adoption, will be discussed.
The conference could boost LINK’s social sentiment and attract more users to the network, a potential catalyst for price appreciation. Furthermore, Chainlink protocol has announced via Twitter the emergence of Chainlink low-latency oracles.
The new Oracle solution is an innovation developed to support decentralized finance (DeFi) derivatives markets to protect them against frontrunning, among other risks.
Given the high volatility in the crypto market, this new Oracle will help investors get an up-to-date market price of an asset on the DeFi platforms.
This innovation may influence LINK’s price movement by boosting investor sentiment through its commitment to protecting the interest of investors.
In addition, a report from Chainlink revealed that Matrixdock, a financial service firm, has integrated Chainlink’s Proof-of-Reserve (PoR) into its network.
The PoR will assist the Matrixdock secure right to mint tokenized assets of short-term U.S. Treasury bills. It is proof of Chainlink’s innovative solutions and positive impact on the blockchain ecosystem and could attract other platforms to adopt its infrastructure.
These factors could positively impact LINK price if successfully implemented.
BTC20 Token, A Strong Alternative to LINK
BTC20 is an amazing project built upon a combined concept that powers the two most popular blockchains, Ethereum and Bitcoin.
Built on the Ethereum blockchain, BTC20 aims to leverage Ethereum’s robust network and scalability while mirroring Bictoin’s achievements as a flagship cryptocurrency.
BTC20 has similar tokenomics to Bitcoin and will observe the same token release mechanism using Ethereum Smart Contract ability. Leveraging on the uniqueness and popularity of these blockchains, the founders are optimistic about BTC20’s success.
The project stands as a revolution in the crypto industry, utilizing lesser energy consumption to achieve the success of the original Bitcoin with higher energy consumption.
The project provides a passive income opportunity for investors. Holders of BTC20 will earn rewards when they stake their BTC20. BTC20 is designed to run a proof-of-stake protocol to facilitate a seamless staking activity.
Based on the configuration of the Ethereum Network, holders who staked their BTC20 will receive units of BTC20 whenever the original Bitcoin block confirms transactions.
Interestingly, the staking contract is programmed to run automatically and ensure the release of BTC20 tokens for 120 years. The project’s attractive tokenomics might be the reason behind the massive community support its presale enjoys.
It has recorded remarkable milestones since the presale launched despite having $1 as the presale price.
BTC20 Presale Performance
BTC20 has a total token supply of 21 million, like that of Bitcoin. Only 6.05 million units of BTC20 are made available for purchase during the presale session. Today, the presale has raised over $3.6 million and is heading to its presale threshold of over $6 million.
1BTC20 is equivalent to $1, and the presale will likely stop when the presale threshold is reached.
With this success, the token might be on its way to greater achievements after the presale. After the presale, the leftover units of BTC20 will be pushed to the staking contract and locked to serve as a reward for BTC20 holders who participated in the staking process.
The presale success at this price is encouraging, and an investor who would not risk putting all eggs in one basket might consider investing in BTC20.
Features of BTC20
The project developers added sustainable features to help achieve the planned goals. These include:
- guarantee of sustainability,
- smart contract locking of remaining tokens after the presale
- Stakers’ reward mechanism and
- Proof-of-stake mechanism
How to Buy BTC20
to be among the early investors, you must first have a dApp crypto wallet.
- Go to BTC20’s official website
- Explore the website and locate the presale widget
- One can acquire BTC20 using cryptos like ETH, BNB, USDT (BEP-20 or ERC-20), or fiat currency through bank cards.
- To buy with the Ethereum network, a network fee of 0.015 ETH is required, and to buy with BNB, you will pay an extra 0.0025 BNB for the gas fee.
- Click on the button with the currency you have
- Type the amount you wish to swap with BTC20
- Click on the connect wallet button to proceed
- Confirm the connection
- Click on confirm button to confirm your transaction
- At this, the buy order should be a success
- Visit the website on the announced day for token claims and click on the claim button after reconnecting your wallet.
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