Chainlink is a platform for creating Decentralized Oracle Networks (DONs), which enable the establishment of hybrid smart contracts by bringing real-world data onto blockchain networks.
Chainlink offers the capacity to expand smart contracts, making data for events and transactions more accessible. Decentralized Oracle Networks (DONs) are a network of autonomous oracle node operators that fetch, aggregate, validate, and deliver real-world data on-chain. On behalf of smart contracts, each oracle node might specialise in offering various decentralised services. Data suppliers utilise the network to monetise their datasets by offering APIs to smart contract apps. Securing Decentralized Finance (DeFi) protocols, which require financial market data, is the most popular use case. Let us review the LINK price
LINK Price Prediction
Bullish Scenario: LINK broke the bearish downtrend line on the lower time frame like 4hour(4H) and is trading above the support zone of $15.3. If it stays above this zone and the resistance level at $17.40 is broken then we could start seeing a move towards $19.50, $22.70 and above.
Bearish Scenario: LINK has been in a downtrend channel since the last few days and we are not completely out of the woods to have strong bullish bias. On higher time frames such as daily, weekly, and monthly, LINK is still in a downtrend. So failure to hold the support at $15.3 and breaking below $14 could lead to a drop towards $12.89, $8.96 and below.
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