Chainlink was developed as a decentralized blockchain network that bridges the gap between oracles, i.e. sends real -world data and communicates through smart contracts that exist in the blockchain. It was founded by Sergey Nazarov in 2017.
Chainlink between popular cryptocurrencies in addition to Bitcoin (BTC), Ethereum (ETH) and XRP. Despite being out of the top 10 in terms of market cap, Chainlink has a community that has always been a strong support.
A few days ago, Chainlink teamed up to launch a dynamic limited edition NFT for National Basketball (NBA).
#Chainlink is collaborating with @nftplayground and @ether_cards to launch limited-edition Dynamic #NFTs for #NBA phenom @MELOD1P. These NFTs evolve to take on novel traits based on the arc of LaMelo’s basketball career, creating new gamified fandom experiences.
- Chainlink - Official Channel (@chainlink) May 27, 2021
Next, looking at the LINK/USDT chart, the price movement has recorded the latest all-time high (ATH) of $ 53 which is an increase of more than 100% since early May but after that it made a decline to the support level around $ 15- $ 16 as Bitcoin fell.
After the price tested the $ 15- $ 16 support level, the price movement jumped back to break the RBS (resistance become support) level of $ 24 and continued to rise to test the SBR (support become resistance) level around the $ 32- $ 34 price.
But the LINK price could not hold back to sustain the rise when testing the next SBR level at the $ 42- $ 44 price level and again made a decline to test the $ 24 RBS zone.
However, the decline to the RBS $ 24 zone is seen to continue to make a ‘bounce’ to give confidence to investors that the price movement is signaling a clear trend change to resume the bullish trend.
If the price movement manages to continue the bullish trend and is able to break the SBR zone of $ 32- $ 34, the expectation for a higher rise will be heading to the next SBR zone at the price level of $ 42- $ 44 before testing the ATH level of $ 53.
However, if the price movement does not succeed in maintaining the bullish trend, the price movement will return to test the RBS $ 24 zone and the next reaction should be seen.
If the price continues to make lower declines, the $ 15- $ 16 support level will be the focus to test.
