Introduction to Chainlink
Chainlink is a decentralized oracle network. Decentralized oracles connect and access smart contracts to any external, off-chain data data in a trust-less way. It's accompanied by following the rules of a protocol that incentivizes all nodes to tell the truth and punishes them for lying. Chainlink is considered to be one of the top blockchain technologies which provides highly secure and reliable oracles.
Introduction to Wanchain
Wanchain has set out to change and improve the way the world does financial transactions. It aims to track digital currency transactions on different ledgers.
On the November 10, Wanchain announced about the integration and partnership with Chainlink. The implementation of Chainlink oracle , that is currently in Beta, will bring access to information typically stored off-chain such as payment gateways (VISA, PayPal), data feeds for any sort of information. The most common concepts where oracles can be integrated are:
1. Prediction Markets
The possibilities for this technology are very broad; from simple things like random number generation to a very complex and sophisticated processes. Certainly, the oracle solution would increase reliability, transparency, and interoperability to many institutions.
Wanchain chose to work with Chainlink over other oracle providers for several reasons. First, Chainlink is running a decentralized network of oracles which creates an ecosystem providing safety and reliability. Also, as Wanchain seeks to create an exceptional experience for developers looking to build cross-chain applications,
Chainlink is the perfect fit as it is known for being easy to use, safe and reliable. Also, while Wanchain seeks to make it a developer friendly platform which is open for cross-chain application. The goal is to be able to interconnect different blockchains and traditional financial world. This makes integration with Chainlink extremely beneficial for both parties.
Disregarding the crash of the Bitcoin , ChainLink price remained very stable. In fact, since July, LINK/USD has been on a steady rise, gaining 300% over the USD. It is one of the very few coins where the uptrend has been so stable. Nevertheless, several days after the announcement of the partnership with Wanchain, LINK has reached the resistance at $0.64, that is 61.8% Fibonacci level. The rejection has been very clean, suggesting an upcoming downside correction.
Therefore, as long as resistance is holding price should go through a correctional or a consolidation phase. It could result in a price decline towards:
First support: $0.41 (78.6% Fibs)
Second support: $0.27 (88.6% Fibs)
Third support: $0.16 (Previous low)
On the upside, if the resistance will be taken out, more gains might come as a result. Resistance levels to watch are:
First resistance: $0.8
Second resistance: $0.96 (or $1 psychological level)
Third resistance: $1.16
All-in-all, fundamental news could have already been already fully reflected on the price as resistance is being rejected. But break above, would imply a much bigger growth potential for the ChainLink.
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