Chainlink (LINK) price analysis for August 2021
- Chainlink (LINK) remains under pressure
- $15 represents a strong support level
- Chainlink Price Feeds mechanisms are now live on Avalanche's main network
Chainlink LINK/USD has weakened from the record highs above $52, registered on 10th May, below $15, and the current price stands around $18.
Fundamental analysis: Chainlink Price Feeds mechanisms are now live on Avalanche’s main network
ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink is built on a flexible framework that can retrieve data from any API and uses cryptographic proofs to connect highly accurate and available data to any smart contract.
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This project aims to offer the solution to get the off-chain data needed to operate many blockchain-based smart contracts. Chainlink can run on many different blockchains simultaneously, and to pay for services on the network, you should use LINK tokens.
This network is used by many developers, researchers, and users with the security and reliability guarantees inherent to blockchain technology. Chainlink was the first DeFi token that was purchased by Grayscale Investment, whose main two trusts are already SEC-reporting companies.
The majority of its holdings are in Bitcoin and Ether, but according to estimates, DeFi tokens could reach a $1 trillion market cap in the next ten years as the interest in DeFi tokens and particularly Chainlink’s technology advances.
Last week, the team of Chainlink reported that Chainlink Price Feeds mechanisms are now live on Avalanche’s (AVAX) main network. According to this deal, every decentralized application launched on the Avalanche platform could leverage accurate online data streams broadcasted by Chainlink’s (LINK) oracles.
“Chainlink has set the standard for oracles and data across blockchains and decentralized applications. DeFi is already flourishing on Avalanche, but Chainlink’s data will unlock an enormous amount of development across the community and expand Avalanche’s edge as the most technologically advanced platform in crypto,” said Emin Gün Sirer, founder and CEO of Ava Labs.
Chainlink’s price has skyrocketed since January 2021 and reached a record high above $52 on 10th May. Since then, the price has collapsed, and the main question among traders is whether the LINK is undervalued at the current price and will it go up again?
Fundamentally looking, there is still a level of uncertainty surrounding this project, and its success mainly depends on its strategy to expand its market influence. Technically looking, Chainlink (LINK) remains under pressure, and if you decide to buy this cryptocurrency in August 2021, you should use a “stop-loss” order because the risk remains high.
Technical analysis: Chainlink (LINK) remains under pressure
Chainlink currently trades around the $18 level, and it would be a strong sell signal if the price falls again below $15 support. The next price target could be around $13 or even below; still, if the price jumps above $25, we have the open way to $30.
Chainlink (LINK) remains under pressure, and if you decide to buy this cryptocurrency in August 2021, you should use a “stop-loss” order because the risk remains high. If the price jumps above $25, the next price target could be around $30, but if the price falls below $15, it would be a firm “sell” signal.
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