{"id":457872,"date":"2021-03-02T13:05:02","date_gmt":"2021-03-02T13:05:02","guid":{"rendered":"https:\/\/uniquehot.com\/?p=457872"},"modified":"2021-03-02T13:05:02","modified_gmt":"2021-03-02T13:05:02","slug":"chainlink-paints-golden-cross-as-blockfi-announces-link-support","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/chainlink\/chainlink-paints-golden-cross-as-blockfi-announces-link-support\/","title":{"rendered":"Chainlink Paints Golden Cross as BlockFi Announces LINK Support"},"content":{"rendered":"

A golden cross formed on the Chainlink (LINK) four-hour chart a week after its price crashed by almost 45 percent from its record high of $37.07, signaling a bullish revival for the world’s ninth-largest cryptocurrency by market capitalization.<\/p>\n

In retrospect, a golden cross<\/a> appears when an asset’s short-term moving average crosses above its long-term moving average. Ideally, traders treat a crossover between a 50-day MA and 200-day MA as the benchmark indicator to determine their bullish bias. Meanwhile, when an asset’s 20-period MA closes above its 50-period MA, it signals traders about an immediate buying sentiment in the market.<\/p>\n

LINK Bullish Crossover<\/h2>\n
The LINK\/USD exchange rate logged the 20-50 golden cross<\/a> on Tuesday as its bids rose to an intraday high of $30.89. Measuring from its previous bottom, the pair’s move upside brought its price up by 53.24 percent. That followed a minor correction, but the short-term bullish bias looked intact.<\/p>\n
$\"Chainlink,$ <\/a>
Chainlink tests February 24 resistance level for a breakout move. Source: LINKUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
LINK found a resistance target near $29.75, which previously capped its breakout attempts on February 24. Nevertheless, the cryptocurrency’s rally this time rode on a flurry of optimistic fundamentals, which may see it break above the price ceiling and target its previous ascending trendline support (in black) as an upside target.<\/p>\n
Conversely, a pullback from $29.75 would risk LINK dropping towards its 20-EMA for support, with the 50-SMA as an intermediary downside target. A further slipover could have traders open their short entries towards the previous support target near 22.69.<\/p>\n
Oracle Upgrade, BlockFi Support<\/h2>\n
The rally in the Chainlink markets also appeared as it announced<\/a> developing an off-chain reporting protocol (OCR) that intends to improve its Oracle network. Excerpts:<\/p>\n
“All nodes communicate using a peer-to-peer network. During the communication process, a lightweight consensus algorithm is run, in which every single node reports its price observation and signs it. A single, aggregate transaction is then transmitted, saving a significant amount of gas.”<\/p><\/blockquote>\n
Meanwhile, more bullish tailwinds came from BlockFi, a crypto lending firm that announced support for LINK tokens. In doing so, the firm enables LINK holders to deposit their tokens in the BlockFi pool to earn a stable 5.5 percent annual yield. The interests will be paid using the Chainlink tokens.<\/p>\n
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It\u2019s happening, @chainlink<\/a> Marines: Starting March 2, you can earn 5.5% APY in crypto on your #LINK<\/a> with BlockFi. RT to spread the word.<\/p>\n
— BlockFi (@BlockFi) March 1, 2021<\/a><\/p><\/blockquote>\n