May 20, 2024

Chainlink (LINK) native cryptocurrency has posted notable strides today, October 5, consistently recording higher highs. As of 7:00 a.m. EST on October 5, LINK is trading at $7.7, representing a 3% increase in the last 24 hours, according to data from CoinGecko.

This price move coincides with multiple network development updates and the uptick in today’s broader crypto market. But can LINK maintain the ongoing rally to surpass the $8 resistance? Let’s find out.

Chainlink ($LINK) has recorded positive gains over the past few days. This coin has demonstrated resilience in the past fourteen days and months, giving investors huge returns.

According to CoinGecko, Chainlink’s (LINK) price has recorded an over 14% increase in the past 14-day trading period, with a 27% 30-day growth in value. Overall, LINK’s recent track record offers a hopeful outlook for potential investors.

In a recent development, Chainlink launched its Automation 2.0 on October 3 via Twitter.

According to the team, this project will offload computing at 1/10th of the original cost without compromising security. It connects dApps using log triggers, equivalent to the pub/sub messaging bus that connects microservice in Web2.

The launch of Automation 2.0 by Chainlink will likely impact LINK’s price positively. Also, it introduces an efficient method to connect decentralized applications, potentially increasing the demand for Chainlink’s services and LINK.

Besides launching automation 2.0, Chainlink also introduced another development, Data Streams Mainnet. The data stream mainnet boosts the speed of DeFi transactions trading to match that of centralized exchanges (CEX). 

Source: Twitter

According to Chainlink, its Data Streams will offer decentralized apps (dApps) immediate access to fast, high-frequency market data through a decentralized, transparent infrastructure. 

“This innovation enables DeFi protocols, such as derivatives dApps, to deliver a centralized exchange (CEX)-like user experience with on-chain execution faster than ever before—all without compromising on Web3 values,”

Chainlink stated.

Generally, these developments could drive utility in the Chainlink ecosystem, leading to increased demand for LINK, the network’s utility token, which ultimately scales up price. 

LINKUSDT Analysis: Signs of Bullish Momentum

Since September 11, LINK has been on a steady upward movement, and the ongoing market setup suggests it could continue the rally. From the above chart, LINK is in an uptrend, approaching the upper Donchain Channel, which indicates a strong bullish momentum. Also, the MACD is above the signal line, indicating a buy signal. 

However, the MACD line is pointing downwards, and the green histogram bars are fading, suggesting the buyers are exhausted and could recede to the bears soon. If this happens, sell pressure could set in, forcing LINK into a downturn before the day ends.

Chainlink’s price has recently bounced back from crucial support at $7.197, heading toward a resistance level of $8.29. However, if it fails to breach this resistance, there might be a chance of retesting to the $7.197 support or even lower.

Presently, LINK is at a critical juncture, and the next few hours will determine the outcome of the bear/bull struggle. If the bears take over, LINK could regress to $7.19, a possible entrance point for more sellers, forcing further declines. 

Player-to-Earn Platform Meme Kombat Raises $ In Presale

>>>Visit Meme Kombat Presale<<<

Amid heightened market uncertainties, Meme Kombat, a Play-to-Earn crypto, is a promising venture for investors. 

As a hot new web3 gaming platform, Meme Kombat recently started its presale and has raised over $300,000 in just a few days. Given the progress, the presale could end in a few days as it’s a few pipes from achieving the target of $1 million. 

Discover Why $MK from Meme Kombat is a Standout Meme Coin for 2023

Inspired by the popular game franchise Mortal Komat, Meme Kombat leverages AI technology to create an immersive gaming experience for users. It allows players to bet on battles between characters representing popular meme coins.

Users can bet in real-time, with different options like direct betting, PvP, and PvGame, ensuring diverse play modes. Interestingly, everything is completely transparent for users since it’s on the blockchain. The Meme Kombat $MK is a worthy contender in the meme coin space as it combines blockchain Game-Fi and Gamble-Fi.

It could leverage this uniqueness to attract a massive user base from traditional gaming platforms, outperforming older meme coins like DOGE, SHIB, and FLOKI. Meme Kombat rewards winners with its token, $MK. But there are other means of earning from the project. Investors can stake their MK tokens to earn up to 110% APY. 

In addition, MK tokens trade at $1.667, a price that could increase post-launch, given the project’s attractive features and massive investor interest. This could earn early investors attractive returns, added to their potential staking rewards. 

Given its potential, Meme Kombat could emerge as a top contender in the crypto market in 2023. Interested investors can visit the project’s official website to learn more and acquire the tokens before presale winds down.

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