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Market Analysis

ChainLink Technical Analysis – No Sign of Bullish Momentum Stalling

What happens when have smart-contracts are on different blockchains that need to be that to be connected? Well, ChainLink (LINK) has the solution. Described best as a decentralised oracle service, ChainLink, like other oracle services provide data to fill the gaps between different blockchains. Traditionally, off-chain data cannot be accessed outside any particular blockchain. As blockchain systems mature, there will be a big need for efficient and unbiased intermediaries, enter ChainLink.

Ari Paul – Managing Partner at Blockchain Capital described working oracles as the “single best crypto innovation of 2018.” furthering that they will “exponentially increase the scope of what crypto can do.”

LINK’s technicals seem very straight-forward, upwards surge, with no real sign of stopping, all before it’s scheduled Ethereum Mainnet launch on May 30th. The current price just below $1.30 looks to create new ATH’s (currently $1.50) sooner rather than later. The only price consolidation was expectedly around the $1.00 level. The 4H chart, pictured below looks like a healthy pullback has just occurred, and as it stands, the short-term outlook looks nothing but bullish.


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