Chainlink to Remain Bullish?

Chainlink's crypto coin LINK has been forming a bullish structure since 2017, and the token's price is currently in a correction phase.

In June of this year, the price filled the imbalance zone at around the $5 mark, corresponding with the liquidity withdrawal witnessed in the previous month when LINK was trading within the range zone.

LINKUSD (1 Month Time Frame): January 2019 – August 2023

The chart above depicts the equal lows and liquidity spike, which was then followed by some buying pressure. LINK grew by almost 20%, which confirms the emergence of influential market participants with the intention to buy. Currently, the price is correctively falling, which again reflects the strength of the buyers.

LINK's daily time frame is bullish

The price structures and movements shown on the daily timeframe of LINK's chart are bullish too. The price has filled the daily imbalance zone, yet the coin has dwindled slightly.

LINKUSD (1 Day Time Frame): June 2023 – August 2023

The unfilled daily imbalance zone corresponding to the aforementioned monthly imbalance level of $6.5, alongside the $0.5 and $0.382 Fibonacci levels represent the most probable next occurrence of a bullish impulsive move.

It is projected that LINK will remain bullish its price-tag closes below the $5 level, and that may potentially begin a deeper correction phase for the popular cryptocurrency.

A BIT about Chainlink

Chainlink stands out as a prominent blockchain project that tackles the crucial issue of integrating real-world data with blockchain ecosystems using decentralized oracles. By allowing smart contracts to securely access external data sources in a reliable and auditable manner, Chainlink effectively addresses a fundamental limitation of blockchains.

Its decentralized oracle network serves as a bridge between off-chain data, like market prices and weather forecasts, and on-chain smart contracts, ensuring the accuracy and integrity of data inputs. This innovative approach not only enriches the capabilities of blockchain applications but also propels Chainlink forward as a pivotal enabler for the wider adoption of blockchain technology across diverse industries.