Why it’s worth watching Chainlink (LINK) in 2022


Chainlink (LINK) is among the few altcoins in the list of top 20 cryptos that trade in the green early Wednesday, finding a few buyers in a sluggish market due to its promising technology and upcoming developments that may bolster its adoption in 2022. At the time of writing, LINK / USD is trading at around $ 25.66, up almost 25% last week.

Investors appear optimistic about Chainlink’s growth potential this year as a preferred decentralized oracle that can power dApps in various categories, giving them access to precise and tamper-proof real-world data on the blockchain. One of the developments that got investors excited about the 17th largest cryptocurrency by market cap is its 2022 launch presentation which was shared on the first day of this year.

Chainlink co-founder Sergey Nazarov discussed plans for how his blockchain would support cross-chain interoperability through the development of the Cross-Chain Interoperability Protocol (CCIP). In addition to finding a way to boost scalability in the blockchain industry, Chainlink also intends to introduce staking on its platform this year, which could also strengthen the attractiveness of the LINK token among investors in the crypto market.

Growing adoption of Chainlink technology by projects

Chainlink has had a busy few days in the new year, announcing several integrations of its services with several projects. Binance Smart Chain Waterfall-based DeFi Protocol DeFi announced the integration of Chainlink’s price feeds to help secure its slicing products.

True to its interoperability efforts for the year, the main decentralized Oracle network also saw its price streams integrated into the IBC Umee compatible cross-chain DeFi hub. The Cosmos SDK-based blockchain will leverage Chainlink’s technology to deliver highly secure and reliable ATOM price data to its users.

Meanwhile, Chainlink’s VRF is being used by OpenSwap for fair randomness in its NFT-powered transaction validation program. In addition, VRF also found new adoption by Vector Field which incorporated this functionality to provide secure randomness for on-chain materiality in NFTs.

LINK / USD technical analysis

According to leading analyst and influencer Benjamin Cowen, Chainlink could experience a stronger rally in 2022 than last year. Although it has underperformed against several other top cryptos, it predicts that LINK will hit $ 100 this year.

LINK / USD

Looking at the H4 price chart of LINK / USD, we find a bullish bias between the moving averages and the MACD. However, the momentum indicator is also giving signals to sell.

Chainlink’s price holds above the pivot point at $ 21.80 and also broke through the first resistance level at $ 24.57. The next hurdle that buyers will encounter is the second resistance at $ 27.26, so let’s keep an eye on that for now.



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