Chainlink Market Update: LINK/USD ready to retest $9.00 amid a flow of positive news

Chainlink integrates four new projects amid the growing popularity of the network.
LINK/USD is ready to settle above $8.00 and retest the recent high on approach to $9.00.

Tanya Abrosimova Independent Analyst

Chainlink (LINK) is changing hands at $7.98 within a striking distance of the psychological $8.00. The coin with the current market value of $2.77 billion gained nearly 10% in the recent 24 hours and moved to the ninth position in the global cryptocurrency market rating. LINK/USD bottomed at $6.99 on Tuesday, July 21 and has been growing ever since. The coin experienced sharp growth in recent hours, having gained over 5% of its value.

Fundamental background

From the fundamental point of view, LINK is supported by a slew of positive news and developments. Thus, T-Systems MMS,a subsidiary of Deutsche Telekom announced that it would run a node on Chainlink blockchain.

“By providing real-world data to the Chainlink network, T-Systems MMS engages in a so-called ‘generalized mining’, where it provides an IT service to a blockchain network while getting paid in digital assets for reliably doing so. As there is a significant value locked in DeFi, such IT services play an important role in the overall Ethereum ecosystem.”

Apart from T-Systems MMS, three additional projects integrated Chainlink into their infrastructure. ThusReflexer will use ChainLink’s ETH/USD price reference to support the RAI testnet bond; FirmaChain is integrating will use the technology to create seamless digital contracts; ENJ/ETH price reference feed has been launched on the LINK mainnet, which means gaming developers can use the information when dealing with Enjin based digital assets.

LINK/USD: Technical picture

On the intraday chart, LINK/USD jumped above 200-hour SMA at $7.92. Now this technical level serves as local support that may stop the downside correction. Now the price is trying to clear the resistance created by psychological $8.00. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,00 with the previous high located on the approach to this level.

On the downside, the local support is created by 100-hour SMA at $7.60. If it is broken, the sell-off may be extended towards $7.00.