Chainlink provides blockchain networks with a wealth of real data and is a prominent example of a decentralized financial platform
Given the success of the so-called DeFi platforms, Chainlink has grown rapidly and was briefly ranked among the top five cryptocurrencies by market capitalization in 2020. Its position has declined a bit since then, but is still comfortably among the top 15 cryptocurrencies by market capitalization.
Chainlink was founded just a few years ago and has seen an exciting rise to the top, but what’s the outlook for the rest of June 2021? In this article we will discuss the price of the token and future price predictions.
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Current Chainlink price
Chainlink is currently trading at around $ 26 after seeing a dramatic 12 months. A year ago the token was only priced at $ 4, but the coin has seen a dramatic price increase since then.
Chainlink peaked at over $ 50 just a few weeks ago, but has seen some correction since then. This broadly reflects the trends across the cryptocurrency market and indicates that there has been a temporary market correction for altcoins.
However, this is unlikely to continue as cryptocurrencies are viewed as an expansive market in the years to come. Chainlink is also working on some new initiatives to improve its smart contract capabilities and this will enhance the token’s decentralized DevOps capabilities.
Chainlink price forecast
The first thing we should consider when looking at the future price of Chainlink is the geopolitical and macroeconomic climate. This has been favorable to cryptocurrencies recently due to the coronavirus pandemic, which has created a situation where stores of value like cryptos and gold have been successfully traded.
After a massive increase in the value of many tokens in the cryptocurrency space, there has been something of a correction in the past few weeks. But this is drawing to a close, and the ongoing pandemic and government action on it mean cryptos will remain a viable trading mechanism for a long time to come.
Technical analysts have examined Chainlink charts and believe they could baseline around $ 25. When it does, the crypto will stay in that range for a period of time and then start going up again. In the long run, Chainlink is expected to test and surpass its peak and build a base that may well be above that price. It’s just a matter of when this process begins.
As mentioned earlier, Chainlink’s attempts to improve its smart contracts will also be optimistic for the token. A new project called Keepers has caused a lot of excitement in the cryptocurrency community and its launch will benefit developers, dApps and decentralized autonomous organizations through greater efficiency.
It’s hard to know the immediate direction of Chainlink, considering the testing trading environment it has been through over the past few weeks. It should be noted, however, that the value of the token is way beyond its value 12 months ago and its prices have recently stabilized at around that level. This suggests that Chainlink’s real value is likely higher than its current rate, and if it can continue to show compelling use cases, it is likely to have a bright future.
Chainlink Price Discovery in June
Chainlink’s immediate future could be positive, according to technical analysts. Those who examine the Chainlink charts suggest that the price compression created by the V-shaped rebound from its low on 23rd. The Relative Strength Index had recently indicated that Chainlink was overbought, and this, of course, pointed to one possible correction.
Another strong indicator for Chainlink, however, is the acceptance of the platform on Revolut. Polygon, Chainlink, Algorand, NKN, Cosmos, Band Protocol, Celo and Tellor are all now available for trading in the application and this obviously increases the number of people who come into contact with Chainlink. This can only be positive for the future of the project.
The potential for an expansion of bans and other pandemic-related measures is also potentially optimistic for Chainlink and other cryptocurrencies. Such measures help create an uncertain economic climate that cryptocurrencies and other commodities have tended to benefit from. It has been a difficult time for many traditional businesses, and investors usually look elsewhere for profit. This also suggests that the bull market for cryptos may return anytime soon.
In general, the decentralized financial technology associated with Chainlink is one of the most exciting developments in the cryptocurrency space. The platforms that have sprung up in this space have seen the biggest price increase, especially in the last 12 months, and the technology is seen as an important part of the future cryptocurrency world.
Chainlink also benefits from being linked to Ethereum, which has proven to be an extremely successful cryptocurrency platform. Overall, it seems likely that Chainlink will stabilize in the last few weeks despite a difficult climate and climb back up in the near future and finally test its high again.
Please note that the above article is a purely opinion-based post based on relevant available data. It should not be viewed as direct investment advice.