{"id":330734,"date":"2021-08-26T20:38:34","date_gmt":"2021-08-26T17:38:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chainlink-link-looks-for-momentum-while-pro-traders-target-40\/"},"modified":"2021-08-26T20:38:34","modified_gmt":"2021-08-26T17:38:34","slug":"chainlink-link-looks-for-momentum-while-pro-traders-target-40","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chainlink-link-looks-for-momentum-while-pro-traders-target-40\/","title":{"rendered":"# Chainlink (LINK) looks for momentum while pro traders target $40"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29e8dfe85cb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29e8dfe85cb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-link-looks-for-momentum-while-pro-traders-target-40\/#Big_players_partner_to_back_Chainlink_adoption\" >Big players partner to back Chainlink adoption<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/chainlink-link-looks-for-momentum-while-pro-traders-target-40\/#Derivatives_data_shows_a_glass_half_full\" >Derivatives data shows a glass half full<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Chainlink (LINK) looks for momentum while pro traders target $40 <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Chainlink (LINK) is the leading oracle provider, and the project has onboarded over 281 crypto projects in 2021. Some of these include heavyweights like Huobi&#8217;s ECO Chain, the Hedera Governing Council, and Alchemix.\u00a0<\/p>\n<p>Launched in Oct. 2020, Chainlink&#8217;s verifiable randomness function, or VRF, has also gained notoriety among decentralized <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lications (dApps). VRF provides an automated source of randomness to ensure prizes and rewards are issued in a verifiably fair fashion.<\/p>\n<p>For example, on Aug. 13, Arbitrum \u2014 a layer-two Ethereum scaling solution \u2014 launched a beta mainnet service integrated with Chainlink&#8217;s oracle data feed and intends to add a &#8220;Proof of Reserve&#8221; service allowing collateralized assets to be audited using the oracle provider&#8217;s web API.<\/p>\n<p>Chainlink offers a secure connection between smart contracts and off-chain data and services, servicing decentralized finance (DeFi) applications, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> networks, NFT platforms and interoperability projects.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Big_players_partner_to_back_Chainlink_adoption\"><\/span>Big players partner to back Chainlink adoption<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among Chainlink&#8217;s major differentials are the node operators, and Swisscom, a Switzerland-based telecommunications company, chose the project for a pilot program on Aug. 5. The company is 51% owned by the Swiss government, and the telecom operator currently has more than 19,000 employees and 6 million subscribers.<\/p>\n<p>On Aug. 10, Bancor, an Ethereum-based decentralized exchange (DEX) and liquidity provider, announced that its upcoming version would <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/blog.bancor.network\/bancor-v3-to-use-chainlink-keepers-to-simplify-defi-usage-and-add-advanced-amm-features-ea076da00c27\">integrate Chainlink Keepers<\/a> to work as external triggers for smart contracts. This tool simplifies the staking experience for liquidity providers and automates advanced trading features. <\/p>\n<p>Bancor holds over $1.5 billion worth of various cryptocurrencies locked in its smart contracts, and this illustrates how Chainlink&#8217;s oracle solutions have been forming a critical backbone to the dApps industry.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Derivatives_data_shows_a_glass_half_full\"><\/span>Derivatives data shows a glass half full<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>LINK is a crowd favorite, but after retracing 12% from the $30.50 top on Aug. 16, investors have reason to question if the bull trend has come to an end. Fortunately, for bullish investors, derivatives data is signaling that LINK could push to $40 or higher.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/49c81c9e-f0d1-4eb8-8360-68578db652a2.png\"><figcaption style=\"text-align: center;\"><em>Chainlink (LINK) price in USD at Coinbase. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/LINKUSD\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p><strong>Related: <em>The crypto effect: Trading altcoins at the edge of addiction<\/em><\/strong><\/p>\n<p>Let&#8217;s take a look at LINK&#8217;s derivatives data to assess how traders are dealing with the 14% price correction since the $30.50 top in mid-Aug.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/f39f8a18-d810-42c9-8170-67343b417971.png\"><figcaption style=\"text-align: center;\"><em>LINK futures aggregate open interest. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>Standing at $260 million, LINK futures&#8217; open interest might seem small compared to the $1 billion-plus held by Ether (ETH), Cardano (ADA), and XRP. The number is relevant considering its $560 million average daily spot exchange volume, but this is also 65% below larger market-cap altcoins according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nomics.com\/?interval=30d\">Nomics&#8217;<\/a> transparent volume.<\/p>\n<p>Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. This fee ensures there are no exchange risk imbalances. A positive funding rate indicates that longs (buyers) are the ones demanding more leverage. <\/p>\n<p>However, the opposite situation occurs when shorts (sellers) require additional leverage, and this causes the funding rate to turn negative.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/c55fc991-d52d-4591-81ba-e32ed063bb4f.png\"><figcaption style=\"text-align: center;\"><em>LINK perpetual futures 8-hour funding rate. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>As depicted above, the 8-hour fee reached an 0.07% average between Aug. 20 and Aug. 24, which is equivalent to 6.2% per month. This momentary spike rapidly seized as the LINK price crashed below $27 and signaled a well-balanced situation between the leverage used by longs and shorts.<\/p>\n<p>Some analysts might interpret this data as neutral-to-bearish, but the absence of a high futures open interest and a neutral leverage situation is a healthy indicator. This is especially true considering that LINK has rallied 94% since its $13.40 low on July 20.<\/p>\n<p>Consequently, derivatives markets signal a healthy recovery and no impediments for continuing the bullish momentum above $40.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/chainlink-link-looks-for-momentum-while-pro-traders-target-40\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Chainlink (LINK) looks for momentum while pro traders target $40 &#8221; Chainlink (LINK) is the leading oracle provider, and the project has onboarded over 281 crypto projects in 2021. Some of these include heavyweights like Huobi&#8217;s ECO Chain, the Hedera Governing Council, and Alchemix.\u00a0 Launched in Oct. 2020, Chainlink&#8217;s verifiable randomness function, or VRF,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":330735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvOGNlZjVmNTktNTkyNy00MTdiLThlODktMzY2NWE0N2VhNTg2LmpwZWc=.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75167,74863,78168,75012,75846,75434,73785],"class_list":["post-330734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-chainlink","tag-cryptocurrencies","tag-dapps","tag-derivatives","tag-futures","tag-smart-contracts","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=330734"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/330734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/330735"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=330734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=330734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=330734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}