Chainlink (LINK) is making waves in the crypto world as its price seeks stability around $7.5, following a series of network upgrades. In the last month, LINK has seen a remarkable 24% surge, reaching a three-month high of $8.2. It successfully held its ground at $5.7 on September 11, showcasing its resilience.
Analysts are closely watching Chainlink, expecting it to experience a correction as it hunts for new liquidity before potentially embarking on another bullish journey above the $10 mark.
One of the key developments driving this excitement is Chainlink’s Automation 2.0 upgrade for smart contracts, launched on October 3. This upgrade empowers smart contracts to perform computations at just a fraction of the cost while maintaining robust security. It also introduces the capability for decentralized apps (dApps) to connect using log triggers, similar to the messaging systems used in traditional web services.
Automation 2.0 Is Live
— Chainlink (@chainlink) October 3, 2023
Offload compute at as low as 1/10th of the cost without compromising on security, and connect dApps using log triggersâequivalent to the pub/sub messaging bus used to connect microservices in Web2.
Access the next-gen features: https://t.co/75Rl6bBcJ6
Chainlink has also introduced the Data Streams Mainnet, a low-latency solution that promises to revolutionize decentralized finance (DeFi) trading experiences. It’s even being tested on Arbitrum, with DeFi protocol GMX among the early adopters. This innovation provides dApps with on-demand access to high-frequency market data, enhancing their performance and security.
Despite recent fluctuations in price, Chainlink could resume its upward trajectory, especially if it finds solid support at $7.5. This level aligns with the ascending trendline support and sits just above the 50-day Exponential Moving Average (EMA). Additionally, the Moving Average Convergence Divergence (MACD) indicator is hinting at a potential buy signal, suggesting a possible shift towards an uptrend.
While Chainlink has been trading within a range channel for some time, crypto traders maintain a long-term bullish outlook. They recommend keeping an eye on LINK over the next 6 to 12 months for signs of the next major move.
In case of unexpected losses, investors can look to the $7 support level as a potential safety net. Chainlink’s recent developments and its ability to weather market turbulence make it a cryptocurrency worth watching in the coming months.
