Jun 22, 2021
[1 min Read]
Chainlink is the leading and preferred oracle network platform for many cryptocurrency projects. What chainlink essentially does is it allows for real-world data to be integrated onto a blockchain, and this is how it provides value. Without oracle platforms like chainlink applications of blockchain technology would be limited. At this current price of $17.25 it is clearly undervalued.
Recent developments include chainlink adding a node to Hedere Hashgraph's (HBAR's) network. Not to mention that chainlink is involved with several other defi crypto projects and protocols including, Synthetix for derivatives, AAVE for lending and borrowing, among many others.
Chainlink is one of those coins that is here to stay because of the utility it brings to the crypto space. It has solidified itself as the leading oracle provider, and will continue to be the leading oracle platform in the years to come.
I expect to see Chainlink's price at $100 within the next couple of years (or less) depending on the next bull cycle.
Even as a short-term play, now would be a great time to buy chainlink as it is currently lying below its 100-day Moving Average of $22.86 and its 50 day MA of $21.832. I expect a rebound in its price back to at least above $20 within the coming months, weeks, or even less. Its hard to say considering the volatility of the crypto markets.
However, as a long term hold, you cant go wrong with Chainlink.