Chainlink provides a wealth of real-world data to blockchain networks and is a prominent example of a decentralised finance platform
Given the success of so-called DeFi platforms, Chainlink has grown rapidly and was briefly ranked in the top five cryptocurrencies by market capitalisation in 2020. Its position has receded somewhat since then, but it is still comfortably within the top 15 cryptos by market cap.
Having been founded just a few years ago, Chainlink has enjoyed an exciting rise to the top, but what are its prospects for the remainder of June 2021? In this article, we will discuss the token’s price and future price predictions.
Where to Buy Chainlink
Current Chainlink Price
Chainlink is currently trading at around $26, after experiencing a dramatic 12 months. Just one year ago, the price of the token was at just $4, but the coin has experienced a dramatic increase in price since then.
Source: Coinbase
Just a few weeks ago, Chainlink reached a peak value of over $50, but has since experienced something of a correction. This broadly mirrors the trends over the cryptocurrency market as a whole and indicates that there has been a temporary market correction for altcoins.
However, this is not expected to continue, with cryptocurrencies seen as an expansive market in the years to come. Chainlink is also working on some new initiatives to improve its smart contract features, and this will improve the decentralised DevOps capabilities of the token.
Chainlink Price Forecast
The first thing to consider when we examine the price of Chainlink going forward is the geopolitical and macroeconomic climate. This has been favourable for cryptocurrencies recently, due to the coronavirus pandemic, which has created a situation in which stores of value such as cryptos and Gold have traded successfully.
After a massive increase in the value of many tokens in the cryptocurrency space, there has been something of a correction in recent weeks. But this is beginning to come to an end, and the continuing pandemic, and actions taken by the authorities in relation to it, mean that cryptos will remain a viable trading mechanism for quite some time to come.
Technical analysts have examined Chainlink charts, and believe that it may be creating a foundation at around the $25 mark. If this is the case, the crypto will remain in this range for a period of time, and then begin to head in an upward direction once more. In the long run, Chainlink is expected to test and exceed its peak, and build a base possibly in excess of this price. It is just a matter of when this process will begin.
As mentioned previously, the attempts of Chainlink to improve its smart contracts will also be bullish for the token. A new project entitled Keepers has created lots of excitement in the cryptocurrency community, and its launch will benefit developers, dApps, and Decentralised Autonomous Organizations by delivering increased efficiency.
It is hard to know the immediate direction of Chainlink, giving the testing trading environment it has experienced over the last few weeks. But it should be noted that the value of the token is far in excess of its value just 12 months ago, and that its prices recently stabilised at roughly this level. This suggests that the true value of Chainlink is probably higher than its current rate, and if it can continue to demonstrate compelling use cases then it will probably have a rosy future.
Chainlink Price Discovery in June
The immediate future of Chainlink’s may be positive according to technical analysts. Those who examine the Chainlink charts suggest that the price compression, generated by the V-shaped recovery from its low on 23 May may lead to the token heading upwards in the immediate future. The Relative Strength Index had recently pointed to Chainlink being overbought, and this naturally pointed to a potential correction.
However, another strong indication for Chainlink is the acceptance of the platform on Revolut. Polygon, Chainlink, Algorand, NKN, Cosmos, Band Protocol, Celo and Tellor are now all available for trading on the application, and this obviously expands the number of people that will come into contact with Chainlink. This can only be positive for the future of the project.
Source: Coinbase
The potential for extension of lockdowns and other pandemic-related measures is also potentially bullish for Chainlink and other cryptocurrencies. Such measures are helping to create an uncertain economic climate, in which cryptocurrencies and other commodities have tended to benefit. It has been a challenging time for many traditional companies, and investors are typically looking elsewhere in order to make profits. This also suggests that the bull market for cryptos could return in the foreseeable future.
In general, the decentralised finance technology associated with Chainlink is one of the most exciting developments in the cryptocurrency space. The platforms that have emerged in this space have enjoyed the most price appreciation over the last 12 months in particular, and the technology is seen as being a major part of the cryptocurrency world going forward.
It is also beneficial for Chainlink that it is associated with Ethereum, which has proven itself to be an extremely successful cryptocurrency platform. Overall, it seems likely that despite a challenging climate in recent weeks, Chainlink will stabilise and begin to climb up once more in the near future, eventually testing its peak value once again.
Please note, the above is a purely opinion-based piece, based on relevant data available. It should not be deemed as direct investment advice.