$2.56 -6.86%
LINK · 15w

Chainlink (LINK) Price Analysis

Chainlink (LINK) has been in the crypto news quite a bit recently as it has been noted out as one of the best performing crypto assets of 2019. Its year-to-date return on investment is currently well over +600%. Meaning it is one of the only token/coin among the top 20 (by market cap) that has been consistently in the green.

The main problem Chainlink has set out to solve is that smart contracts cannot access any external data on their own. As the blockchains that power smart contracts do not usually support any methods of native communication with external systems. Currently, developers of smart contracts use centralized oracle services when needing to query external data. This is great, but what happens when the oracle provider has a failure? Your dApp would stop working! Chainlink markets itself as a decentralized oracle network to ensure this would not happen.

Let's take a look at the LINK/ETH pair for our price analysis, I believe in the context of Saturn Network being a decentralized exchange, it is much more interesting to look at how crypto to crypto markets perform. That being said, no matter which markets you are trading on, I always recommend keeping your eye what is going on in BTC/USD market.

Chainlink (LINK) Price Analysis

The current market statistics of LINK, as of 9th July 2019, are as below:

The current trading price of the token is 0.01060250 ETH. Current market cap is 3,824,041 ETH. Current 24h volume is 344,581 ETH. Circulating supply is 350,000,000 LINK. LINK/ETH Breakout Price Rally 28th June

On 28th June, LINK was trading in the 0.008 ETH price range, when it saw a big price rally. As you can see on the chart above, within 24 hours, it was up by 100.94% and trading in the 0.0149 ETH price range. By the end of July 1st, there was a slight a correction down to the 0.0103 ETH range but it did recover and has been trading sideways ever since.

Note the two horizontal black lines, LINK/ETH in the short...

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