While this year, 2020, has disappointed every one of us, especially with this pandemic, there are a few blockchain networks that are aggressively utilizing this leisure period to strengthen their services along with the fundamentals.
Till now, the crypto community was mostly dependent on only a handful of altcoins besides Bitcoin, including XRP and ETH. However, there were a few instances where lesser known digital coins had made a mark on the path of advancement. Lately, since the crypto market faced a devastating crash this year, a few currencies have attempted to improve their ways to reach out to common people.
While easily noticeable crypto coins are busy recovering their recent losses in valuation, currencies like LINK are aggressively looking for more and more engagement. Such an approach of these coins can really be the game-changer for the market. While the market is tirelessly struggling for a fluffy recovery, these coins are exploring blockchain’s capacities while spreading its wings across the market.
Chainlink, the decentralized open-source oracle-based network, has joined hands with Klaytn ecosystem taking a step forward to enhance its services. Klaytn is a public blockchain project of Kakao, a Korean Internet behemoth.
— Klaytn (@klaytn_official) May 18, 2020
Klaytn firmly believes that this collaboration with Chainlink will improve its capacity to cater to various markets with better products. This partnership is likely to fetch more engagement with Chainlink, eventually helping the currency to grow by leaps and bounds.
Can we expect some good vibes at Chainlink’s price also?
Here, it is important to note that the LINK/USD is already on the path of significant growth. The coin is firmly holding bulls above the 50% fib level while it tests resistance above $4.
Chainlink, the currency is overcoming its second and very effective price plunge of the year. In the initial part of the year, the coin hustled to regain the previous year’s losses, which it did to a certain extent.
The price bloomed with bulls where it soared from $1.86 to $4.71 with impressive progress. Later, the Coronavirus impact, in a way, attacked the market where bears started to take control largely. This had caused the LINK coin to see huge losses in its 2-month long gains, and it started breaking support levels.
In mid-March, the price of Chainlink went even below where it was when the year started to see a support level at $1.80. For the next few weeks, extreme volatility mixed with sluggishness kept deteriorating the market. Finally, the slow recovery saw a major bullish breakout just before mid-April, and since then, the currency has not turned back for once.
LINK/USD is forming a strong rising pattern and may soon cross the yearly high price mark as far as the uptrend remains intact. The price is just above the 23.60% fib level, while the coin has formed a bearish candlestick. It is yearning for stability up there.
Chainlink is having a bullish picture regarding technicals as the price is above the 200-day EMA line, and MACD is entering the upside right now.