Chainlink Attracts Investors Again, Gains 8%: Price Analysis

Chainlink attracts the investors once again after the price plunge recorded a week after hitting the record high of about .
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The price is slowly going back up, gaining 8% over the day, and is now trading at $15 as we are reading in the chain link news today.

The $5.3 billion cryptocurrencies by market cap is the fifth most valuable asset after bitcoin, Ethereum, Ripple and Tether. It even surged to prominence a few months ago when it got swept in the DeFi windfall. Most crypto traders invested about $1 billion into the protocol almost every week. Chainlink attracts investors again because of its blockchain that is designed to bridge the space between blockchain technology smart contracts and other useful programs.

Since the blockchains don’t have access to data outside of their paths, the Defi instrument is needed to facilitate data feeds in smart contracts and chainlink will help solve this issue. We should note that a year ago, chainlink announced that Google was integrating its oracle services into the smart contract adoption approach and how the users should use it to connect BiqQuery as one of Google’s most popular cloud services.

As we reported in the previous chainlink news, Chainlink booms again thanks to the successful increase over the past day. However, before the traders are able to celebrate the price increase, just remember that chainlink almost hit last week before falling dramatically on Monday.
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This was a downtrend for the price which lasted the entire week and the recent price hike is now shaky. Now that the price is back up again, the $20 level remains to be hit again which Chainlink has still not managed to surpassed despite Barstool Sports CEO Dave Portnoy pumping the coin over the past week.

There’s a group of analysts that are willing to take short positions on the cryptocurrency because of its volatility as they believe LINK will crash further in the upcoming days. At the high of $20, LINK was trading around 1000% higher than the March lows. A number of analysts are preparing for the larger dip in price after the 20% correction. One trader in particular shared a chart below showing that the recent price action formed the lower low and a potential lower high in the uptrend. This means that the bullish market structure LINK had got broken which opened the door for another retracement.