In a tweet earlier this week, the team at Weiss Ratings concluded that ChainLink (LINK) will continue being an integral part of the DeFi revolution. The team also explained that the DeFi boom is a pillar of the ongoing crypto revolution. The team at Weiss explained these facts as follows.
There is no “#crypto revolution” without “decentralized finance.” And it’s looking more and more like there’s no #DeFi without #LINK. #Chainlink
ChainLink’s price oracles power majority of the DeFi protocols in the crypto-verse such as Aave (LEND), Synthetix Network (SNX), Kyber Network (KNC), Loopring (LRC), Ampleforth (AMPL) and Bancor (BNT).
Additionally, crypto exchanges such as Binance and Bitrue have integrated ChainLink’s oracle network to provide accurate price feeds for their numerous financial products. Furthermore, ChainLink is currently ranked as the top DeFi project on Coinmarketcap.
Weiss Ratings’ Prediction that ChainLink’s Peak Value Was Close
Also a few days back, the team at Weiss Ratings had expressed their concern on the meteoritic rise of LINK in the crypto markets. They had explained that LINK edging out Bitcoin Cash was a bit too much and predicted that LINK’s peak value was near. Below is the tweet by the team at Weiss.
The native token of decentralized oracle network #Chainlink (#LINK) has reached the top five in terms of market value. That’s… a bit too much, the high is near.
— Weiss Crypto Ratings (@WeissCrypto) August 13, 2020
A Brief T.A of ChainLink (LINK)
Doubling checking Coinmarketcap, it can be observed that Bitcoin Cash has reclaimed the number 5 spot from ChainLink.
Checking the crypto charts, LINK is currently hovering above the $15 price zone as support. However, the impressive parabolic run by ChainLink since the 2nd of August is in the midst of a correction that could see LINK continue on a slow fall.
As the days progress, ChainLink’s price intersecting with the 50-day moving average could provide a possible area for a short term bounce. As with all analyses of ChainLink, traders and investors are requested to use adequate stop losses and low leverage when trading LINK on the numerous derivatives platforms.