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Is it safe to buy the LINK Rally?

Chainlink’s price defied gravity on Tuesday as fear engulfed the cryptocurrency industry. LINK hit a high of $9.24, which was the highest point in a few months. It has gained more than 35% since its low on October 13.

What is Chainlink 2.0?

Chainlink is one of the most useful platforms in the blockchain industry. It provides a solution known as Oracle, which is used by most platforms. Some of the companies that use its products are Uniswap and AAVE.

Oracles are important tools in the blockchain industry. They are simply features that allow developers to integrate off-chain data into the on-chain ecosystem. For example, a decentralized sports betting company can obtain live sports data and integrate it into its ecosystem.

Oracles can be used in other industries like DeFi and even NFT trading. Chainlink competes with other oracle companies like Band protocol and WinkLink.

LINK’s price has risen as investors await the upcoming transition to Chainlink 2.0. Chainlink 2.0 is a major change that is expected in the ecosystem in the coming weeks. It will turn the network into a decentralized oracle network.

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It will also facilitate speed, reliability and privacy by preserving universal connectivity and off-chain computing for smart contracts. Additionally, it will introduce the concepts of Decentralized Oracle Networks (DON). All of these factors will be positive for dApps using Chainlink’s technology.

For Chainlink investors, the transition will introduce the staking concept. Staking is the process by which people store their LINK and earn rewards. This will help ensure nodes are incentivized to improve Oracle’s health and efficiency over the long term. More importantly, staking will help protect most dApps that use Chainlink.

Chainlink Price Prediction

The LINK price has been following a strong uptrend over the past few weeks. This recovery peaked when the coin broke above the key resistance level at $8.55. It was a vital resistance since it was the high point on September 28th.

Chainlink has formed an ascending channel which is shown in purple. It also crossed above the 25 and 50 day moving averages. The coin moved slightly below the first resistance of the standard pivot point.

Therefore, Chainlink is likely to continue rising as buyers target the next key resistance level at $10. A drop below the pivot point at $8.17 will invalidate the bullish view.