Is Chainlink (LINK) a buy or sell in October?

Is Chainlink (LINK) a buy or sell in October?
Written by:
Stanko Iliev
21st October, 21:35
Updated: 21st October, 21:37
  • The technical picture implies that the price may advance in the upcoming days
  • If the price jumps above $12 the next target could be located around $13 or even $15
  • Investors in Chainlink (LINK) should have in mind that this is a still very risky cryptocurrency

The price of Chainlink (LINK) has advanced from $7.6 above $11.5 in less than several weeks and the current price stands around $10.9. LINK has found strong support above $10 but the price is still not able to surpass $12 resistance.

Fundamental amalysis: Chainlink is added to the decentralized platform for developing smart contracts

ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink has its own cryptocurrency known as LINK and according to analysts, this project could eliminate the reliability issues that might occur if using only a single centralized source.

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Chainlink is one of DeFi tokens that are expected to skyrocket in the very same manner that Ethereum did in 2017. According to the latest news, Chainlink is being integrated into Agoric, a distributed platform for developing smart contracts using JavaScript, potentially ushering in a new age for DeFi developers.

“With this integration, people will be able to use a Javascript-based language to create smart contracts that can be triggered by real-world, off-chain data. We see this as an incredibly important step for onboarding the world’s largest developer community into the rapidly growing DeFi ecosystem”, said Chainlink head of business development Daniel Kochis.

Investors in Chainlink (LINK) should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Chainlink (LINK). Since many of the enterprises and developers are looking for such a decentralized oracle network, the future looks bright but there’s still a level of uncertainty surrounding the project.

There are some obvious risks when it comes to buying LINK currently but if the price jumps above $12 this October that will be confirmation of the bullish trend.

Technical analysis: Chainlink (LINK) has stabilized above the important support level

Data source: tradingview.com

According to the rules of technical analysis, the current trend of this cryptocurrency is neutral-bullish. The current resistance levels are $12 and $14, $10 and $9 represent the current support levels.

If the price jumps above $12 it would be a signal to buy Chainlink (LINK) and we have the open way to $13. Rising above $14 supports the continuation of the bullish trend and the next price target could be located around $15.

On the other side, if the price falls below $10 it would be a “sell” signal and we have the open way to $9.

Summary

Chainlink (LINK) has found strong support above $10 and the technical picture implies that the price may recover above $12 this October. The transaction volumes of this cryptocurrency are expected to increase but there’s still a level of uncertainty surrounding the project. If the price jumps above $12 it would be a signal to buy Chainlink (LINK) and we have the open way to $13.

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