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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

How Chainlink’s (LINK) 22% rally could be just the start

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Chainlink LINK LINKUSDT

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Despite a slight pullback in Bitcoin and Ethereum prices, Chainlink remains strong. With a 22% rally in the last week and 4.1% on the daily chart, LINK stands as one of the biggest gainers in the top 10, trading at $33.07, at the time of writing.

Chainlink LINK LINKUSDT
LINK on a bullish trend in the 24-hour chart. Source: LINKUSDT Tradingview

From the traders’ perspective, LINK’s price structure is highly bullish. After a sideways movement over the past few weeks, the cryptocurrency has managed to break a major resistance barrier at $32.

Trader Michaël van de Poppe stated that LINK has bottomed out in the LINK/BTC trading pair. Strengthening the thesis that LINK’s gains will extend further, the trader set support at 0.0004 sats and a possible 253% increase to 0.0017 sats if LINK breaks through its higher resistance levels.

Chainlink LINK LINKUSDT
Source: Michaël van de Poppe

On the LINK/BTC pair, trader “Jon” said:

Officially broke out from the massive downtrend line dating back to August. Lines from the previous uptrend corridor may provide key levels on this leg up. 5 part Elliot impulse wave to ATH would be fun scenario.

Chainlink’s potential to extend its rally

It seems that the beginning of LINK’s bullish momentum stems from its inclusion in Grayscale’s product suite. A few hours ago, the firm announced LINK’s inclusion in the Digital Large Cap Fund.

Of the recently added cryptocurrencies (MANA, LIV, BAT, FIL), Grayscale said LINK is the only one qualified to be part of this product. Its role is to give investors a strategy to earn passive rewards by gaining exposure to 70% of its cryptocurrencies basket.

As a result of being part of Grayscale’s products, demand for LINK has increased. This trend might continue due to the expansion of Chainlink’s partnerships.

Over the last month, Chainlink’s oracle services have been integrated into Polkadot’s parachain ecosystem operable with Substrate’s network. Chainlink has also being integrated by some of the most prominent DeFi protocols on Ethereum.

The most recent partnership was cemented with decentralized trading platform dYdx, backed by a16z and Three Arrows Capital. Even in the NFTs sector, Chainlink has been leveraged to enable the tokenization of “Ether Cards” minted after certain events occur in the “real world”:

.@dydxprotocol is now using #Chainlink Price Feeds on the layer 2 @StarkWareLtd ZK-Rollup. Using STARK-compatible signatures, Chainlink’s low costs & subsecond oracle update latency enable secure and scalable decentralized perpetual trading markets on dYdX.

— Chainlink (@chainlink) April 6, 2021

Chainlink’s multiple oracle use cases and interoperability seem poised to continue to increase LINK buying pressure.

RookieXBT recommended keeping an eye on other oracle services based on BAND and TRB. With a growing DeFi sector, its total value locked exceeding $50 billion, these services could see significant growth in adoption.

.@dydxprotocol is now using #Chainlink Price Feeds on the layer 2 @StarkWareLtd ZK-Rollup. Using STARK-compatible signatures, Chainlink’s low costs & subsecond oracle update latency enable secure and scalable decentralized perpetual trading markets on dYdX.

— Chainlink (@chainlink) April 6, 2021

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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