Mainstream News Goes Crypto: Associated Press (AP) Integrates With Chainlink
Aiswarya Gopan • 2 min read
Chainlink (LINK) buyers are getting busy and driving up the volatility in the leading decentralized oracle network a day after a major fundamental development even as the ongoing rally in Bitcoin supports a bullish sentiment in the wider crypto sector. At the time of writing, LINK/USD is trading at around $28.95.
Associated Press (AP) Announces Partnership With Chainlink
Powering the rally currently underway in LINK is leading news agency Associated Press (AP) announcing a partnership with Chainlink to provide economic, sports and elections news to its blockchain. This is a significant milestone in the adoption of blockchain technology among mainstream businesses and will also offer Chainlink a significant boost in its efforts to capture more of the DeFi market.
This development will allow access to AP’s data to various blockchain networks via Chainlink’s oracle services. Chainlink’s oracles are a popular choice for several leading DeFi projects who seek accurate, tamper-proof real world data to help their users make investment decisions.
Other Supporting Fundamental Developments in LINK
In addition to this significant announcement, Chainlink’s rally is also enjoying support from other dApps adopting its technology. One interesting update is Trader Joe – one of the biggest DeFi projects on Avalanche, tapping Chainlink’s Price Feeds for its latest lending service Banker Joe. Banker Joe will leverage the decentralized oracles to assess a person’s borrowing capacity before issuing loans and perform loan checks for under-collateralization during liquidations.
Chainlink has also announced a new collaboration with NFT play-to-earn game POCOLAND on the Binance Smart Chain. POCOLAND will leverage the blockchain’s VRF and Price Feeds on the BSC ecosystem to implement fair randomness in its gaming mechanism even as Price Feeds offer accurate conversion rates for making purchases on its platform.
LINK/USD Technical Analysis
According to popular crypto strategist and trader Michaël van de Poppe, Chainlink could be getting ready for a breakout soon after trading sideways in the near-term. Another leading crypto analyst and host of Altcoin Daily, Austin Arnold, forecasts massive upside in LINK over the coming months. He anticipates that the network’s continued rise in partnerships can propel its price higher.
On the 4-hour chart of LINK/USD, moving averages along with the MACD are suggesting a strong bullish bias. However, the momentum indicator flashes sell, suggesting interest among sellers as well.
Chainlink’s price is holding above the pivot point at $26.25 and looks ready to overcome the first resistance at $28.97 soon. A break above this level can take LINK past the key $30 mark until buyers encounter resistance again at $31.40.