A decentralized Oracle technology called Chainlink is highly popular in the blockchain community.
It operates on a network of independent node operators, who receive incentives in the form of LINK tokens to perform honest and high-quality work for clients through the Chainlink client smart contracts.
The Oracle contract is a crucial element of the Chainlink design, which controls access to the network and punishes dishonest operators.
Recently, Chainlink announced that its crypto-staking program has been expanded and has seen significant uptake. In just six hours, the company was able to raise over $632 Million worth of its LINK tokens during the early-access period, which filled up to the limit.
In addition to this, with the expanded staking pool capacity, which is now up to 45 Million LINK. The company aims to secure the Chainlink system and support the performance of Oracle services with staked LINK.
The co-founder of the company, Sergey Nazarov, stated that Staking v0.2 will introduce important new security features and set the system up for even further growth in the year to come.
Technical Analysis and Prediction of LINK Coin Price
Since mid-October, the LINK coin price has experienced a surge, rising to $17.6 at the end of this year. The resistance level is $16.4, while the immediate support level is $12.9. If the bullish investors can get past the current resistance, then the next target for them could be $19.12.
Although the bulls have attempted to regain support from their immediate level, a weak trend has been observed in recent trading sessions. This bearish trend is intact with with the RSI level decreasing from 60 to 50.
It suggests that the bulls’ grip on the current support level is getting weak. Nonetheless, the price prediction for LINK coin remains bullish until the current support is intact.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 7.337 | 11.376 | 13.830 | 8.883 |
| S2 | 11.376 | 12.919 | 14.201 | 11.258 |
| S1 | 13.159 | 13.872 | 14.571 | 12.923 |
| P | 15.415 | 15.415 | 15.415 | 15.297 |
| R1 | 17.198 | 16.958 | 15.311 | 16.962 |
| R2 | 19.454 | 17.911 | 15.681 | 19.336 |
| R3 | 23.493 | 19.454 | 16.052 | 21.001 |
The bullish crossover between the 50-day and 150-day EMAs, which occurred when the bulls were showing slight strength at the end of September, supports this prediction. As the 50-day EMA at $14.4 suggests that this
Conclusion
Chainlink has gained significant popularity among the blockchain community. According to Sergey Nazarov, the co-founder of the company, Staking v0.2 will implement crucial security enhancements and prepare the system for further expansion in the upcoming year. The current market outlook for Chainlink is optimistic.
Technical Levels
- Support Levels: $12.9 and $8.32
- Resistance Levels: $16.4 and $19.1
