Chainlink (Link) is a blockchain abstraction layer that makes it possible for smart contracts to be globally interconnected. The protocol enables blockchains to communicate safely with external data feeds, activities, and payment mechanisms, giving advanced smart contracts the off-chain data they require to take over as the primary type of digital contract. All this is done using a decentralized Oracle network.
The Chainlink Network is run by a sizable open-source community, which includes data producers, node operators, smart contract developers, and others. The project ensures that all node operators and users who want to contribute to the network are assured of decentralized involvement.
Chainlink’s token, LINK, has rallied along with the broader crypto market. The digital asset has had an uptrend of 1.01% in the last 24 hours. Will investors take this opportunity to invest in the digital asset for profit?
LINK Post Decent Gain
The general crypto market has rallied with a 1.18% increase in the last day, and LINK tokens have also rebounded with the market after a slump in the last seven days. Part of this is due to more fundamental growth and use cases, and since the crypto market is on a rally, the digital asset could reach new price highs.
LINK is currently trading at $7.40 after an uptrend of 1.01% in the last 24 hours. The digital asset rebounded from last week’s 3.1% slump. However, the token had maintained a steady rally of 8.5% in the last two weeks and a 0.1% increase in the last 30 days.
These positive results have positively impacted the technicals of the cryptocurrency, which shows a bullish trend. After hitting resistance at the 61.8% Fibonacci retracement level of $8.05, LINK recovered and went on a bullish run toward the 50% Fibonacci retracement level of $7.47. However, the crypto asset may encounter resistance at this level.
LINK trades above the 50-hour simple moving average (SMA) indicator in the short term at $6.98. Its 200-day SMA for the long-term prediction of $9.85 is significantly above the current price action.
The asset’s moving average convergence and divergence (MACD) value is trailing on the green trend line, emphasizing a positive market sentiment. On the other hand, the current relative strength index (RSI) of 51.43 puts LINK in the underbought region.
With a steady crypto market rally, we may see the crypto asset break through these indicators, but is it the best investment for value-driven investors?
0xCord and Chainlink Labs Establish Channel Partnership
Chainlink announced via Twitter on Tuesday that Chainlink Labs has formed a channel partnership with 0xCord, a Web3 infrastructure platform. 0xCord will support Chainlink Labs by helping businesses integrate essential services like Chainlink VRF.
By collaborating with market pioneers like Chainlink Labs, 0xCord will advance its Web3 integration platform and establish itself as a key link between businesses and the Web3 ecosystem.
— Chainlink (@chainlink) February 28, 2023
The simplest way to access Web3 infrastructure is through 0xCord. It is a hub for infrastructure that supports native payments, composability, and configuration.
Alternative Value-Driven Crypto Assets to Consider
Based on the technical analysis presented above, LINK appears to have substantial investment potential. Some value-driven altcoins, however, have the chance to be rewarding. The advantage is that investors can become early adopters because these coins are still in the presale stage.
One of the value-driven coins is CCHG, the native token of the eco-friendly crypto startup C+Charge. The peer-to-peer payments platform allows electric vehicle (EV) drivers to charge while earning carbon credit incentives.
The @ACEA_auto is predicting that 60,000 hydrogen fueled trucks will be in operation by 2030
— C+Charge (@C_Charge_Token) February 28, 2023
C+Charge seeks to provide a superior EV charging experience, which will be done by shifting to sustainable electric transportation and creating rewarding electric mobility.
C+Charge is currently in the fourth stage of its presale, with over $1.92 million raised. $CCHG is now trading for $0.017. However, it will increase to $0.18 in Stage 5 in less than 2 hours.
FGHT is another altcoin investors should consider for gains. The digital asset is the native token for the play-to-earn (P2E) platform, Fight Out. This platform allows users to win prizes and badges for completing fitness activities and competing in the metaverse.
Get ready for an immersive gaming experience like never before
— Fight Out (@FightOut_) February 28, 2023
As of this writing, $FGHT has raised over $4.88 million from enthusiastic investors. The token’s price is currently $0.02565. However, FGHT’s price will increase every 12 hours until March 31, 2023, when it will be listed on exchanges for $0.0333.
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