LINK breaks out, eyes higher levels in the coming days

Chainlink (LINK) price rallied around 7% today to break the daily resistance at $11.20 as the bulls now target levels above the $12 mark.

Fundamental analysis: More clients for Chainlink

Fetch.ai, the UK artificial intelligence lab, said yesterday it has successfully integrated Chainlink’s price feeds. The Price Reference data lets consumers verify the prices of assets while offering improved security versus price manipulation.

The AI lab’s network utilizes open-source technology, providing its users with access to artificial intelligence on a global-level secure dataset to perform difficult coordination tasks in the modern economy. 

The company is working on a decentralized machine learning network to build smart needs for AI-driven autonomous software agents to carry out significant economic tasks in favour of individuals, businesses, and organizations. 

The integration of price feeds is the first step in Fetch.ai’s adoption of Chainlink’s decentralized network that will provide the AI lab with useful access to real-world economic, currency, and commodity price data. 

Further upgrades will include the improvement, development, and launch of real-world applications in sectors like mobility, finance, logistics, and IoT ecosystems which depend on a decentralized oracle network that serve as a bridge between the physical world and the digital world. 

“By integrating Chainlink into the Fetch.ai network, we are taking the necessary steps needed to further couple real-world data with autonomous software,” said Humayun Sheikh, Chief Executive of Fetch.ai, referring to the integration.

Sheikh also said the development would furtherly “speed up the adoption of Fetch.ai autonomous software agents and provide the necessary information for them to communicate with sophistication in real-life scenarios”.

Technical analysis: Breakout taking place

LINK/USD price has rallied 7% to trade above the daily horizontal resistance line at $11.20. A daily close above this point should open a new short-term wave of LINK buying. Moreover, the 200 DMA, which comes in at $10.88, will offer additional support to buyers.  

On the upside, the bulls will now be aiming to reach levels above the $12 handle. A huge resistance block is shaped by horizontal lines at $13.50 and $14.50, acting as a major target for the buyers.

Summary

Fetch.ai, an artificial intelligence lab based in Cambridge announced yesterday it has completed the integration of Chainlink’s price feeds. Elsewhere, LINK has broken out of the range as the bulls look ready to print levels above $12.