Chainlink (LINK) Price Prediction and Analysis in July 2020

We will be looking at the historical price trends, developments, and market opinions for LINK so that we can generate a Chainlink price prediction for July 2020.

Chainlink Overview

Chainlink (LINK) is an oracle network that was created to facilitate connectivity between smart contracts and real-world data. LINK, the cryptocurrency of the network, is used as payment for node operators and to effectuate transactions.

LINK is currently ranked in 12th position based on a market cap of $2,163,570,184, with a 24-hours trading volume of $929,361,193 worth of LINK. There are 350.000.000 LINK coins in circulation out of a total supply of 1.000.000.000 LINK. The price of LINK is $6.18, with an increase of 10.35% in the last 24 hours.

Chainlink Price Prediction: Analysis

Chainlink began June at $4,13, rising to $4.38 by the end of the day. Up until June 11^th, the coin traded between $4.20 and $4.40, peaking at a month high of $4,46. But that same day, the coin plummeted below the $4 support level, going down below to $3,97.

The following week, LINK consolidated between $3,90 and $4,10, breaking the pattern on June 17^th when it reached $4,17. Chainlink managed to get back to the previous $4,47 levels by June 22^nd.

The bullish momentum continued, as Link almost tested the $5 range, reaching $4,94 on June 23^rd. However, the coin lost these gains and went down to $4,80. This started one again a bearish moment, with the coin declining gradually up until the last days of June. Chainlink closed the month at $4,57.

July started out around that same price, with the coin surging throughout the day to close at $4,70. On July 2^nd, the coin was once again close to testing the $5 resistance level, trading at a high of $4,91, but closed at $4,80.

The resistance, pivot, and support levels calculated by WalletInvetsor are:

• Resistance Level (R3): 5.190
• Resistance Level (R2): 5.052
• Resistance Level (R1): 4.948
• Pivot Point: 4.809
• Support Level (S1): 4.706
• Support Level (S2): 4.567
• Support Level (S3): 4.464

Developments

Chainlink has secured another collaboration with a cryptocurrency exchange, Huobi, which will be integrating their price data technology so that they can offer better data integrity and accurate prices.

Huobi will also run its own Chainlink node through Huobi Wallet. This will enable the exchange to sign its own price data, which would allow users to confirm that any transaction data from the Huobi Node is authentic and directly from the source.

“DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node,” – stated Huobi Wallet CEO, Will Huang.

The first pairs that will be included are BTC/ETH, BTC/USDT, ETH/USDT, and LINK/ETH.

Another integration was confirmed by Chainlink recently with Bullionix. Their XAU/USD Price Reference Feed will be used by the new partner to display an accurate gold price.

“@Bullionix_io, a dApp for minting 3D gold-staked NFTs, has successfully integrated Chainlink’s XAU/USD Price Reference Feed into their system. This provides Bullionix with a highly reliable & manipulation resistant gold price for tracking the gold market,” said ChainLink in a tweet.

Bullionix is a decentralized gold mint that provides non-fungible tokens backed by the value of gold. The company believes that its platform will become more innovative after the Chainlink oracle will be integrated.

“We have been committed to making sure our dApp is just as innovative as the digital collectibles produced on it. Because Bullionix users are minting NFTs backed by actual gold (by staking Digix’s DGX gold tokens), it’s important that we have an accessible intel hub for all who are newly curious about the gold market. Enter GoldLink; our fun and easy space to learn more about precious metals,” read a press release of Bullionix.

Chainlink’s Oracles are currently being used in other projects, including Synthetix, Aave, Ampleforth, and many others.

Chainlink Price Prediction: Market Opinion for July 2020

Since several sites have launched their own Chainlink price prediction, we will be listing below some of them to better convey the general market sentiment for LINK.

Digitalcoinprice

Digitalcoinprice’s Chainlink price prediction foresees a price of $8.74 for LINK in July, with a decrease of 79.76%.

Coinpredictor

Coinpredictor expects the price of LINK to be around $2.05, with a decrease of – 5.4% in the next 24 hours. In one week, the site estimated that LINK will have $1.71, with a loss of -21.1%, and, towards the end of the month, the site calculated that there will be a rise of +17.7%, placing the coin near $2.55.

Bitverzo

Bitverzo’s Chainlink price prediction extends for all of the days in July, along with their average, minimum, and maximum values.

Cryptoground

Cryptoground forecasted that the price of LINK will reach $1.8005, with a decrease of -62.87%, in the next 24 hours. In one week, the site estimated that LINK will have $1.7095, with a loss of -64.75%, and towards the end of the month, the site calculated that there will be a drop of -62.62%, placing the coin near $1.8127.

Cryptorating

Cryptorating predicted that LINK will reach a price of $4.87, with a rise of 0.62% in the next 24-hour period. In the next week, LINK is projected to hit $5.29, with an increase of 9.3%, and by the end of the month, the coin is estimated to reach a price of $5.96, with an increase of 23.14%.

Gov.capital

Gov.capital predicted that Chainlink will have in mid-July a price of $4.59, a maximum expected price of $4.63, and a minimum price of $4.54.

WalletInvestor

WalletInvestor listed daily predictions for the next 10 days of July, also including the minimum and maximum values of the coin for each individual day.

Chainlink Price Prediction: Verdict

With this, we conclude our Chainlink price prediction. From what we deduce based on other cryptocurrency prediction sites, the opinions for LINK’s price performance are very contrasting. It will depend if the project will have more projects to boost up its prices to generate a strong bull run to $5 and sustain it there.

Featured image: kryptomoney.com

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