LINK Corrects Further Before Setting An All-Time High: Analysis

LINK corrects further as its utility is rapidly expanding over the entire crypto industry, presenting huge opportunities ahead. Chainlink is also preparing to set a new all-time high as we are reading more in the upcoming Link news.

Chainlink also scored a new partnership recently with China’s Blockchain Service Network to take part in incorporating off-chain data. The news was welcomed by the investors who then instantly went to the exchanges to get a piece of LINK which eventually pushed the price by nearly 19%. It now seems that the oracle token is at a pivotal point but there are a few technical indexes that still favor the bears.
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Chainlink proves that its technology is extremely important for the entire crypto industry especially when connecting on-chain and real-world data which is why its future looks bright. Many companies are integrating its technology and oracle service so the price of LINK is poised for correction, offering sidelined investors a huge opportunity to get back on the market.  LINK corrects further and makes important strides to expand its utility of the decentralized oracles technology. The blockchain platform made the headlines after partnering with China’s Blockchain Services Network which will enable the authorities in the country along with the enterprises to incorporate the real-world data into their BSN apps.

The CEO of Red Date Technology and BSN co-founder Yifan He said on the expanding utility, that the teams have been working together now and will soon launch the prototype that shows how Chainlink can prove to be valuable:

 “One of the main purposes of BSN is to provide interoperability to all DApps, regardless of whether they are for permissioned chains or public chains. On BSN, each Dapp should be able to call any other Dapps in a very convenient and low-cost way. This collaboration with Chainlink, IRITA, and SNZ Pool will help us achieve this goal and ensure that BSN users reach new levels of security, reliability, and interconnectivity.”

The sudden increase in price is a result of the buying pressure as LINK went from trading at $4.18 to retest the highs of $5. Despite the excitement about the token, there are different patterns that show another momentum of retracement that is building up. The TD sequential indicator presents a sell signal as the bearish formation estimates an increase that could start one to four daily candlesticks correction. The TD indicator was able to estimate previously that Chainlink entered overbought territory when it plummeted by 18%.