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Analysts bullish on Chainlink despite steep correction

  • With rising total value locked in the DeFi ecosystem, more Chainlink price feeds are launched to support network growth. 
  • Chainlink Keepers were recently used to enable automated liquidations and limit order functionality on decentralized exchanges.
  • Analysts expect the LINK price rally despite the heavy correction in LINK/BTC in the last week of October 2021. 

Decentralized oracle network Chainlink is rapidly scaling to provide off-chain support through real-world data to the DeFi and NFT ecosystem. Data providers can now deploy Chainlink oracle nodes on Amazon Web Services. 

Chainlink prepares to make a comeback in second leg of bull run

The decentralized network continues to forge partnerships with DeFi and NFT projects, powering data and price feeds. Chainlink Keepers, a network of nodes that automates smart contract execution has enabled limit order functionality on decentralized exchanges (DEX). 

Enabling automated liquidations on DEXes, Chainlink Keepers allow developers to focus on smart contract functionality. WOO network recently announced the launch of their swap decentralized exchange through a partnership with Chainlink. 

Cryptocurrency analyst and YouTuber Michaël Van de Poppe is still interested in Chainlink though the altcoin has gone through a deep correction against Bitcoin (LINK/BTC). Poppe says,

Given the heavy correction that Chainlink has still been making during this year and has not been showing too much strength yet and DeFi (decentralized finance) is probably going to wake up, this is going to grant a massive opportunity.

@IllusiveTrades, a cryptocurrency analyst recently noted the first time in history when Chainlink’s 50-day moving average came close to crossing its 200-day moving average. The analyst believes that LINK is expected to breakout in the current setup. 

Analysts have had a bullish outlook on LINK since the news of payments giant MasterCard’s acquisition of CipherTrace. The blockchain analytics software firm was known to run its LINK node before the acquisition.

FXStreet analysts have evaluated the LINK price trend and observed that buyers are frustrated by the bull trap. Analysts expect the price to drop to $25.50. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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