Chainlink (LINK) has been one of the best-performing altcoins, rallying by 24% in the last 30 days to trade at $7.5 on Wednesday. The live price feed Oracle token for smart contracts hit a three-month high at $8.2 after upholding support at $5.7 on September 11.
As discussed in the previous analysis, analysts expect LINK to correct in search of fresh liquidity before rebounding for another significant uptrend above $10.
Chainlink’s Automation 2.0 Is Live
Chainlink announced the release of its Automation 2.0 upgrade for smart contracts on October 3. With this software update, smart contracts will be able to “offload compute at as low as 1/10 of the cost without compromising on security, and connect dApps using log triggers—equivalent to the pub/sub messaging bus used to connect microservice in Web2.”
Automation 2.0 Is Live
Offload compute at as low as 1/10th of the cost without compromising on security, and connect dApps using log triggers—equivalent to the pub/sub messaging bus used to connect microservices in Web2.
Access the next-gen features: https://t.co/75Rl6bBcJ6
— Chainlink (@chainlink) October 3, 2023
Apart from Automation 2.0 for smart contracts, Chainlink also launched the Data Streams Mainnet. This low-latency solution would be a game changer, unlocking “CEX-like DeFi trading experiences built on decentralized infrastructure.”
Data Streams Mainnet Early Access
Chainlink’s low-latency oracle solution unlocks CEX-like DeFi trading experiences built on decentralized infrastructure.
Learn all about Data Streams: https://t.co/83P6jLOWkz
— Chainlink (@chainlink) October 3, 2023
The Data Streams have also been pushed to Mainnet Early Access on Arbitrum. DeFi protocol GMX is among the first projects to experience the new features to power its “highly performant and secure decentralized perpetual futures exchange.”
“With Chainlink Data Streams, decentralized applications (dApps) now have on-demand access to high-frequency market data backed by decentralized and transparent infrastructure,” Chainlink said via a blog post. “This innovation enables DeFi protocols, such as derivatives dApps, to deliver a centralized exchange (CEX)-like user experience with onchain execution faster than ever before—all without compromising on Web3 values.”
Chainlink Price Falters – Can Support At $7.5 Hold?
Chainlink might be in a position to resume the uptrend if support at $7.5 holds. This area coincides with the ascending trendline support and is situated marginally above the 50-day Exponential Moving Average (EMA) (blue).
The Moving Average Convergence Divergence (MACD) which is about to validate a buy signal shows that the path with the least resistance could soon shift to the upside. Traders should consider looking out for the MACD line in blue crossing above the red signal line.
In the event losses stretch below the ascending trendline and the 100-day EMA, investors can look toward $7 for the next support.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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