- Chainlink Price is currently amid a bullish reversal after price tested the support of $13.50
- The press time price of LINK Coin is $16 established on the back of a 7% increase in the past 24 hours
- Chainlink has truly risen the bar as the network brings on board an average of 1.4 new partners each day
The leading Oracle Provider strives to establish dominance by securing new partnerships every day
Chainlink, popularly known as the leading Oracle Provider has made it a point to establish its supremacy in Defi space. The network can’t seem to catch a break as evidenced by the latest archives of the Chainlink ecosystem portal. With only 203 days into the year, 281 various crypto projects have announced their partnerships with the network. This data reveals the fact that Chainlink is presently bringing on board an average of 1.4 new partners each day in 2021.
As if integrating with popular networks like Synthetix, Cellar, Google wasn’t enough, Chainlink is now onboarding partners twice as rapidly in 2021. Chainlink, being the backbone of Defi’s explosion has acquired 43% of the third-party partnerships, this year alone. With the ongoing Chainlink’s VRF, Verifiable Random Function gaining mass adoption, 2021 has been a favorable year for the network’s ecosystem.
A bounceback from the $13.50 validates a 14% upswing
LINK Coin was no exception to May’s bloodshed momentum that contributed to the price action getting restricted inside a massive descending triangle. Only recently, the bears managed to ditch the support cushion of $16.23 and expose the LINK price to the next support of $13.50.
Presently amid a reversal, the LINK coin has almost broken even to its June lows. The bulls are now attempting to tackle the overhead resistance of $16.23 which is also bolstered by the 20 EMA. A rejection from that level will be followed by a minor pullback that retraces the price down to the support level of $15.24.
LINK price has been viciously hovering under the radar of the 20 EMA for the past two months. Considering a bullish thesis for the coin, a breakout from the Descending Triangle pattern should be an added advantage for the price. The accumulation phase near the falling trend line highlights the fact that the bulls have prevailed and the price is all set to aim higher, A break above the resistance of $16.23 lays the ground for another 7% upswing, followed by the reclamation of the $17.69 support cushion.
For the bullish outlook to hold accountability, the daily RSI demands a move above the equilibrium zone. A rejection from the 20 EMA will provide confidence to the bears who will further expose LINK Price to advanced lows.
SUPPORT : $15,24, $13.50
RESISTANCE : $16.23, $17.69