Chainlink Avoids Major Dump Following New Partnership Deals | NewsBTC


  • Chainlink plunged during the Thursday trading session in what appears to be a sell-off caused by profit-takers.
  • The latest decline appeared as a part of a downside correction that started a day after Chainlink set an all-time high at $8.93.
  • Meanwhile, favorable fundamentals in the form of new strategic partnerships kept the token above crucial support levels.

Chainlink (Ticker: LINK) fell hard on Thursday, but it failed to convince traders about a full-fledged downside move.

The eighth-largest cryptocurrency by market cap declined by more than 4.5 percent to $8.22 as of 12:18 GMT. The plunge surfaced a day after it established an all-time high at $8.93. That prompted daytraders to sell the top and secure short-term gains, causing a downside correction.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!
Chainlink corrects lower from its ATH. Source: TradingView.com

The sell-off appeared modest for a cryptocurrency whose price rallied 95 percent in just ten days of trading. In contrast, Dogecoin, a rival altcoin, crashed by more than 50 percent following its artificially-created price pump last week.

How To Get Free Crypto  

New Partnership Keeps Bulls Hopeful

Chainlink limited its bearish bias in the wake of partnerships that intends to boost LINK’s adoption among other firms. The DeFi platform announced earlier Thursday that it is offering its decentralized oracle solutions to KardiaChain.

1xBit: anonymous betting, the best odds & a generous 7 BTC Welcome Bonus! NEWXBIT promo code to get a 125% 1st deposit bonus now!

The beneficiary blockchain project acknowledged that Chainlink’s real-world data and traditional infrastructure would assist their decentralized applications to perform better. Excerpts from their announcement:

“We plan to explore how some of Chainlink’s more advanced functionalities around privacy and single-source data validation can be applied to real-estate, enterprise, and government solutions.

The partnership expects to grow LINK’s demand. The cryptocurrency operates both as a work and a payment token. So it seems, KardiaChain will pay Chainlink node operators in LINK to receive oracle services. Meanwhile, it can also opt to become a node operator itself by staking LINK as collateral.

Chainlink entered similar high-profile partnerships in recent weeks. The most notable among them was China’s Blockchain Service Network. (Read more: Chainlink to Work With China’s National Blockchain Services Network)

Coinbase Banner  

Chainlink FOMO

The Chainlink’s 10-day rally holds its gains also because of the growing DeFi hype. As a decentralized oracle network, a majority of Chainlink’s clientele belongs to the Decentralized Finance space. So far, it has boarded big DeFi projects, including Accord, bZx, Factom, Synthetix, and others.

The native tokens of the platforms mentioned above have rallied exponentially in 2020. It is safe to assume that the buying sentiment in DeFi spilled over into the LINK market.

But the parabolic rallies in the cryptocurrency market remain notorious. Traders tend to sell tokens at their local tops to seek opportunities in assets that are in the process of bottoming out. Chainlink traders may have to keep their ideal stop losses prepared, in case a dump appears.

Go to Source
Author: Yashu Gola


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.