Staking Comes To Chainlink Triggering A 12% Move

    • LINK marines celebrate the launch of a new roadmap and staking feature.
    • Chainlink developers hope to strengthen network structures using the staking feature.
    • LINK price is ready to pump to $10 and $12 as technical levels improve.

    The Chainlink ecosystem has been seeing a revamp of the roadmap with a host of network features including staking. LINK’s price was also not left behind as it exploded over 12% to trade at $8.4 in the early hours of the European session on Wednesday. This is to say that the odds have flipped in favor of a trend change with $10 coming well within reach.

    A New Roadmap

    The debut of the staking features on the live price feed oracle token sparked excitement among holders. According to an announcement made via Twitter on Tuesday, this marks the beginning of “Chainlink Economics 2.0,” a platform tailored toward “long-term security and sustainability of oracle networks.” The project aims to achieve a lot more with this development, apart from rewarding users for locking up their tokens. An excerpt of a blog post read in part:

    “Staking introduces another powerful incentive and penalty mechanism for Chainlink nodes to consistently generate accurate oracle reports and deliver them to specific destinations in a timely manner.

    Staking serves as a part of a larger defense-in-depth approach to Chainlink security that already has a multitude of other key safeguards including decentralization, cryptography, implicit incentives, future fee opportunity, and modular reconfigurability.”

    Can Chainlink’s New Bullish Outlook Hold?

    Following the reverberation of the above news across market participants, Chainlink’s price sharply rose from the support established at $7.4. The upswing occurred after a consolidation period in the range between $6.4 and $7.4.

    The price nearly touched $9 amid the plan to lift LINK beyond $10. However, a minor healthy correction swept in, forcing buyers to take refuge at $8.2. At press time, LINK teetered at $8.4, while the bulls kept their eyes glued on $10 and the medium target at $12.

    LINK/USD Four-Hour Chart
    Tradingview chart: LINK/USD

    Based on the same chart, the uptrend had the ability to carry on in subsequent sessions. The Moving Average Convergence Divergence (MACD) reinforced the bullish narrative by moving higher within the positive region. LINK’s upward momentum was likely to increase if the divergence made by the 12 EMA stayed intact above the 26 EMA.

    In addition to that was a bullish signal from the Supertrend indicator, which flipped to trail Chainlink’s price. As long as this volatility gauging tool remained below the price, LINK’s recovery to $10 and $12 would be easily achievable.

    On the downside, if the barrier at $9 fails to come out of the way, Chainlink’s price might be forced to retrace as a way of seeking fresh momentum. Investors could contribute to the overhead pressure as they book early profits. Key levels to keep in mind include $8, the 50 SMA at $7.4, and the primary support at $6.4.

    John Isige
    John is a cryptocurrency technical analyst, who looks at micro, macro and fundamental factors affecting market trends.

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