Chainlink price prediction: LINK outlook after integrating Base

Chainlink (LINK) price drifted upwards on Wednesday after the network integrated Base, the new layer-2 network by Coinbase. The LINK token jumped to $7.5, the highest level since August 2nd of this year. It has jumped by over 7% from its lowest point this year.

Chainlink integrates with Base

Chainlink, the biggest oracle network in the world, announced that its price feeds were now available in Base. This integration will make it possible for developers in Base to access the most popular markets in the industry. 

Chainlink’s oracles are useful in the Decentralised Finance (DeFi) industry because they simplify how developers integrate off-chain data. Its price feeds are secured by decentralised oracle networks made up of numerous node operators. 

These price feeds reflect a volume-weighted average across the biggest DEX and CEX exchanges and other data providers. In a statement, Johann Eid of Chainlink said:

Base is the newest layer-2 network in the industry. Created by Coinbase using Optimism, the platform aims to create a network where developers can build quality applications in areas like DeFi and the metaverse.

Base entered one of the most crowded industries in the crypto sector. Some of the biggest layer-2 networks are Polygon, Arbitrum, and Optimism. In addition, these networks compete with layer-1 platforms like Avalanche and Solana which have faster transaction time and lower costs.

Chainlink price also jumped after cryptocurrencies bounced back, Bitcoin retested the resistance at $30,000 after Moody’s downgraded some leading American banks.

Chainlink price prediction

Chainlink chart by TradingView

The 4H chart shows that the LINK crypto price has crawled back in the past few days. It has risen from a low of $6.95 on Monday to $7.5. The coin has moved above the ascending trendline shown in black.

Chainlink has also risen above the 25-period volume-weighted moving average while the Relative Strength Index (RSI) is pointing upwards. It has also retested the descending trendline that connects the highest points since July 21st.

Therefore, the LINK price will likely have a bullish breakout as buyers target the key resistance level at $8. A move below the support at $7.30 will invalidate the bearish view.