Chainlink Still Testing the $19 (LINK/USD) Resistance

On Sunday, Chainlink went bullish, rising from $16.31 (LINK/USD) to $18.68. The crypto has held on to that, increasing again on Monday to $19.67 before dropping later in the same day to $17.70.

Tuesday saw the bulls grab hold of the price drop and bring it back up to $19.86 late in the day. Today, the Chainlink rate is still holding around that $19 level. The crypto has performed extremely well since the 21^st, where it has kept an upward trend going since the industry low point on July 20^th.

What Is Chainlink?

LINK is the #14 crypto right now, and while its trade volume is down nearly 31% over the last 24 hours and the rate has leveled off over the last couple of days, it could easily still continue upward over the weekend.

Chainlink is a decentralized oracle network blockchain powered by smart contracts. This particular blockchain second incorporates external feeds like payment methods, economic events, world news, and more to help inform its smart contracts.

Chainlink’s network is an open source one driven by a large community of researchers, developers, and data providers. The network is audited by the community and allows participation on a large scale. Chainlink stands out by letting its users act as node operators.

This network offers powerful security that makes it attractive for data providers such as Alpha Vantage, Brave New Coin, and Huobi. The Chainlink network provides essential services for DeFi apps like yEarn, Synthetix, and more, securing substantial value for these partners.

Chainlink is available to buy on major exchange platforms like Binance, Kraken, Coinbase Pro, and others.

Even though it looks like a promising crypto to invest in thanks to its recent upward swing, the momentum could change at any moment. Investors could easily lose a lot of money quickly or make quick profits due to the volatile nature of this cryptocurrency.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

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