Best crypto to buy now: Chainlink (LINK)

Please fol­low and like us:
Pin Share

Cryp­tocur­ren­cy prices col­lapsed in Novem­ber as con­cerns about con­ta­gion in the indus­try con­tin­ued. Bit­coin plunged to $15,000 while the total mar­ket cap of all cryp­tocur­ren­cies crashed by over $200 bil­lion to about $830 bil­lion. In this arti­cle, I will explain why Chain­link is the best cryp­to to buy now.

Proof of Reserve solutions

For starters, Chain­link is the biggest ora­cle providers in the blockchain indus­try. An ora­cle makes it easy for devel­op­ers in the sec­tor to add off-chain data to the on-chain. For exam­ple, DeFi builders can eas­i­ly inte­grate cryp­to price feeds in their ecosystems. 

The col­lapse of FTX has led to the pop­u­lar­i­ty of a con­cept known as a proof-of-reserve. This reserve shows that com­pa­nies have the assets they claim to have in their ecosys­tems. Some exchanges like OKX have already launched their proof of reserves while oth­ers are expect­ed to do it in the com­ing months. Sta­ble­coin users are also using proof of reserves fol­low­ing the col­lapse of Ter­ra and Ter­ra USD.

Chain­link launched its Proof of Reserve prod­uct a few months ago. Since then, it has been embraced by lead­ing play­ers like Armani­no, Trust­to­ken, Bit­Go, and Pax­os. More firms will like­ly use Chainlink’s ser­vices to build trust and integrity.

Anoth­er rea­son why Chain­link is the best cryp­to to buy today is the upcom­ing launch of Chain­link 2.0 in Decem­ber. Chain­link is work­ing to become a Decen­tral­ized Ora­cle Net­work (DON). As part of this tran­si­tion, Chain­link will intro­duce stak­ing, which is an impor­tant con­cept in the industry.

Stak­ing makes it pos­si­ble for peo­ple to lock their tokens for a cer­tain peri­od, often a month, and then earn returns from it. These returns usu­al­ly come from the net­work fees pro­vid­ed by the net­work. Chain­link will start a tri­al of this stak­ing in Decem­ber ahead of a full roll­out in 2023.

Fur­ther, Chain­link is a good cryp­to to buy because tech­ni­cals are sup­port­ive. On the four-hour chart, the coin has formed an invert­ed head and shoul­ders pat­tern, which is usu­al­ly a bull­ish sign. It has also moved above all mov­ing aver­ages while the MACD and the Rel­a­tive Strength Index (RSI) have con­tin­ued rising. 

There­fore, the coin will like­ly con­tin­ue ris­ing as buy­ers tar­get the key resis­tance at $10. A drop below the sup­port at $7 will inval­i­date the bull­ish view.

Chainlink price



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *