Chainlink price gains 5% on the week as the WEF acknowledges the platform

Chainlink price gains 5% on the week as the WEF acknowledges the platform
  • Chainlink acknowledged as one of the tech pioneers of 2020 by the World Economic Forum
  • The number of users owning 0.1 - 10,000 LINK is currently at all-time highs
  • LINK price is up 5% on the week as the buyers eye a trip to $4.60 next

Chainlink (LINK) price has rallied 5% this week after the sellers failed to sustain the bearish momentum. The platform has been acknowledged as one of the tech pioneers of 2020 by the World Economic Forum (WEF).

Fundamental analysis: A prestigious award 

Chainlink has been placed on the list of TOP 100 technology pioneers of 2020 by the WEF. The network has now joined hundreds of other tech and crypto companies recognized by WEF.

The company’s co-founder and boss of Smartcontract.com, Sergey Nazarov, said he’s very happy that Chainlink was acknowledged by such an eminent organization and will attempt and contribute WEF’s projects in the future. 

“Using smart contracts on the blockchain to bring enforceable guarantees to contractual obligations has widespread social and economic benefits. We’re proud to play a role in bringing accountability and automation to global and local economies, and we look forward to contributing to Forum dialogues on this challenge,” said Nazarov in a press release.

The technology pioneer award is given based on community standards, including innovation, leadership, influence and the company’s importance to WEF’s other platforms. The majority of companies that receive this award are working in AI, IoT, robotics, blockchain, biotechnology, and fintech sectors, contributing to a tech-advanced society.

As a result of receiving the award, Nazarow will be able to engage in WEF’s activities, events and initiatives in the future. 

Together with other 100 technology pioneers, Chainlink will be attending some of the most significant conferences around the globe and provide their “cutting-edge insight” to contribute to various industries. 

Decentralized oracles and the verifiable randomness function (VRF) are fueling Chainlink’s growth right now as they provide smart contracts with safe access to off-chain data feeds, APIs and bank payments, according to Chainlink’s blog post.  

Investors recognize Chainlink’s importance in the tech world and provide their support, as the company keeps bringing innovation and solving real-world problems. 

According to crypto analytics platform Santiment, the number of users owning 0.1 – 10,000 LINK is currently at all-time highs. 

Technical analysis: Up 5% on the week 

LINK price is currently trading up 5% on the week to test the horizontal resistance around $4.20. Earlier this week, the sellers failed to keep the bearish momentum going, which prompted the buyers to push the price action above the $4.00 mark again.

LINK/USD weekly chart (TradingView)

The bulls are now trying to clear the resistance around $4.20, and if successful, the next target should become the 3-month high around the $4.60 mark. On the downside, horizontal support levels at $3.60 and $3.20 should offer demand for the digital coin and facilitate an opportunity to buy LINK at a reasonable price. 

Summary

LINK is currently trading 5% up on the week after the buyers used an opportunity to push the price action higher in the past few days. Separately, Chainlink has been placed on the list of TOP 100 technology pioneers by the WEF.

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.
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