Price Analysis

Chainlink Initiates Recovery; May Cross $7.6 Soon

July 21, 2020

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Chainlink integrates with RAI’s testnet with ETH/USD price reference data.
It may soon get away from market volatility and have a bullish run.
The next target for investors should be 7.6 USD.

Chainlink has recently announced that it has successfully been integrated with RAI’s testnet launch. It is said that Chainlink’s ETH/USD Price Reference Data oracle network will be used as the price feed for RAI. These reference data are a ready-made solution that is being used in multiple DeFi applications.

Analysis for Chainlink Price

Chainlink (LINK) Price News — **LINK/USD Chart By TradingView**

LINK/USD spotted at $7.16 at the starting of the week, and over the next two days, the currency reached the highest point of the week at $8.89. Soon, Chainlink’s volatile journey started as after hitting $8.89, and the coin started correcting downwards with hefty volatility. On July 18, the LINK price tumbled down to $7.62. After a few upward spikes, the price pulled down to $7.13 yesterday.

Today, Chainlink’s price spotted trading upwards from the first hour. Currently, it trades at $7.43, and the MACD reflects a bullish crossover. If LINK continues to trade with the current momentum, it may soon cross $7.6. However, the chances of a downside correction can’t be completely avoided. Investors need to be ready for support near $7.1.