Chainlink price gains 11% in May, eyes higher levels

Chainlink price gains 11% in May, eyes higher levels
  • Chain link teams up with Kakao’s global public blockchain project Klaytn
  • Digitex Futures exchange to incorporate Chainlink’s PRC in a bid to offer precise price data
  • LINK price gains 11% in May after it jumped more than 60% in April

Chainlink price has recorded another positive month by gaining 11% after it gained more than 60% in April. Separately, Chainlink has announced it teamed up with Kakao’s global public blockchain project Klaytn.

Fundamental analysis: New partnerships announced

Chainlink, a tokenized decentralized open-source platform that provides smart contracts announced it struck a partnership with Kakao’s global public blockchain project Klaytn. The platform will use Klaytn’s smart contracts as access to resources outside the blockchain, allowing them to develop apps that are linked to real-world data and systems. 

“We look forward to providing the Klaytn ecosystem with secure and reliable oracles to enable the development of next-generation decentralized applications,” said Sergey Nazarov, the Co-Founder of Chainlink. “Klaytn can accelerate towards its goal of blockchain mass adoption with the addition of real-world connectivity made possible by Chainlink oracles,” he added.

These connections can be used in multiple markets such as decentralized finance, non-fungible tokens etc. 

“Chainlink can provide Klaytn with a secure oracle framework for building blockchain applications that interoperate with traditional infrastructure, increasing our capacity to develop more advanced products across a more diverse set of markets,” said Sangmin Seo, the Head of Platform Group at Ground X, directing the development of Klaytn.

Separately, the cryptocurrency futures exchange Digitex Futures has also announced a partnership with Chainlink. Digitex Futures plans to fully incorporate Chainlink’s Price Reference Contracts (PRC) in a bid to offer precise price data and avoid fluctuations. 

Crypto futures networks are implementing decentralized platforms to reinforce network security and protect clients’ assets from various spot exchanges-related risks. 

“Using Chainlink price data enables us to deliver stronger security and performance guarantees to our users, furthering our vision to revolutionize futures trading,” Chief Executive and founder of Digitex Futures, Adam Todd said.

Incorporating Chainlink’s secure Price Reference Contracts will provide Digitex Futures’ consumers with very reliable and fully transparent data. This move will also help the company avoid other problems such as slippage, data manipulation and more. 

Technical analysis: Link aims higher

Chainlink’s native token, LINK, has been trading in a sustainable uptrend for the past few weeks. The price action has therefore shaped an ascending parallel channel in the series of the higher lows and higher highs. 

LINK/USD daily chart (TradingView)

The buyers will now aim for a move to $4.23, where the last Fibonacci retracement is located before the 2020 high of $4.69 comes into the play. On the other hand, a pullback towards the channel’s support near $3.85 is likely to offer a new buying opportunity for LINK investors

Summary

Chainlink price has recorded another positive month as it has surged 11% in May after a monster performance in April. In the meantime, the platform has reached new deals that will allow the Chainlink project to further expand. 

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.