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- 1 LINK coin price is on an uptrend but the bears are seeking opportunities to hold the price.
- 2 Oracle services like Chainlink and Pyth play a critical role in bridging the gap between old and new technologies.
- 3 The current price of LINK is trading above the 50-day EMA.
Chainlink has established itself as a cryptocurrency that benefits from the growth of artificial intelligence. It serves as an Oracle token that enables users to obtain off-chain data needed for smart contracts to function. This is a valuable niche, with close to 2,000 projects utilizing Chainlink for this purpose.
The New Competition to Chainlink
There is a lot of excitement surrounding the token airdrop by Pyth Network, a competitor to Chainlink in the blockchain oracle industry. This highlights the ongoing competition between companies to improve the infrastructure of the digital asset industry to meet the demands of traditional finance.
Oracle services like Chainlink and Pyth play a critical role in bridging the gap between old and new technologies by providing blockchains with real-world data, particularly price feeds from crypto exchanges. While both services serve the same purpose, Pyth’s “real-time data” feeds are faster than Chainlink’s, making it better suited for certain financial applications.
How Chainlink Benefited From OpenAI News
With Sam Altman, the ex-CEO of OpenAI, as a part of their team, Microsoft could potentially become a dominant force in the field of AI and a prolific creator of the technology. This would also lead to an increase in demand for products and services that improve its AI capabilities, ultimately benefiting AI-enhanced solutions such as those offered by Chainlink.
The task of locating and identifying necessary data appears to be well-suited for AI. In May, Chainlink’s developers conducted a thorough study that demonstrated the potential for significant improvement through the incorporation of this technology. This has effectively positioned Chainlink as a cryptocurrency with AI capabilities.
Prediction of LINK Coin Price
Till now, the LINK coin price has risen to $14.2 since mid-October after the cryptocurrency surge. The resistance level for the bulls is $16.4, while the immediate support level is $12.9. Bulls have tried to regain some support from this level. The bullish crossover was done between the 50-day, currently at $11.5, and the 150-day EMA, currently at $8.98.
This took place when the bulls were showing slight strength back at the end of September. The RSI level was at 85 at the start of November, indicating overbought territory. However, it has now decreased to 57, indicating a weaker bullish trend in the recent trading sessions. The price prediction of LINK coin will be bullish as the bulls have taken grip of the current support level
Conclusion
Oracle services like Chainlink and Pyth play a critical role in bridging the gap between old and new technologies by providing blockchains with real-world data, particularly price feeds from crypto exchanges. The current LINK coin price is moving towards its resistance while being above the EMAs.
Technical Levels
- Support Levels: $12.9 and $8.32
- Resistance Levels: $16.4 and $19.1
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
