Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Chainlink [LINK] was on a bad downtrend until two weeks ago. However, the bullishness of the wider crypto-market had a significant impact on LINK’s price charts. In fact, the downtrend had reversed itself at press time.
So, what does this movement mean and, is now a good time to get into LINK? This article will talk about the altcoin ranked twenty fourth by market capitalization. In fact, it will also touch upon what are the key factors to consider when making a decision on buying into LINK.
Back in 2014, SmartContract.com, set out to develop a bridge between external data sources and public blockchains. This ironically led to the creation of a centralized oracle system called Chainlink. In 2017 this product was reshaped into what we now know as the Chainlink Network.
Chainlink is the largest oracle project in terms of market cap and total value secured, and number of crypto-projects associated with it. An oracle is basically a software that acts like an intermediary between the on-chain and the real world.
Source: Chainlink
After creating a new two-month high in August, LINK, the native token Chainlink, the one stop shop for oracle solutions, continued to tank till the end of the month. But its price action since the beginning of September may appeal to investors. The industry leader in decentralized oracles has managed to rally by more than 20%, hitting a three-week high of $8.05.
This begs the question, should investors take this rally as a sign to beef up their holdings, or should they perhaps await further confirmation before getting in on the action?
While technical analysis usually only provides insights into the short term possibilities, for those who wish to see what value Chainlink adds to the industry, taking a look at other factors might be helpful.
To understand…
