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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

ChainLink-Google Deal Is An Approval, Will the Ethereum Token Rally?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • Link prices surge, up 38.4 percent
  • The involvement of Google may cement ChainLink’s position

Google’s interest is enough to propel Link’s prices to new highs. Consequently, ChainLink may end up dominating the Oracle market. Thanks to yesterday’s announcement, Link is up 38.4 percent. However, this appears to be the early stages of a possible mega rally.

ChainLink (Link) Price Analysis

Fundamentals

Mystic as they sound, so-called “Oracles” will revolutionize cryptocurrency and blockchain. The critical role of these connectors cannot be understated. While listing down potential game changers in the Ethereum blockchain, he confidently mentioned the Prediction markets.

Heavily reliant on smart contracts, the prediction markets, a burgeoning industry, will be limited if there are no trusted oracles. These bridges, in blockchain terms, process and translate outside information and link them with fragmented blockchains.

With ChainLink, their goal is to “provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.” In essence, ChainLink’s role is to feed blockchains “with real-world data, events, and payments.”

Through APIs, smart contracts, which, as per definition executes without external intervention, will be up-to-date because of ChainLink’s oracles.  Therefore, Google Cloud is sensing an opportunity. After experimenting and linking ChainLink with BigQuery, Allen Day, a senior developer advocate, through a blog post, concludes, saying:

“We’ve demonstrated how to use ChainLink services to provide data from the BigQuery crypto public datasets on-chain. This technique can be used to reduce inefficiencies (submarine sends use case) and in some cases add entirely new capabilities (hedging use case) to Ethereum smart contracts, enabling new on-chain business models to emerge (prediction markets use case).”

Candlestick Arrangement

ChainLink Link

It couldn’t get better for Link bulls. Bottoming and syncing with Ethereum (ETH) price action, Link is up 38.4 percent from last week’s close. However, in light with fundamental factors — while also complementing technical candlestick arrangements — Link can quickly expand.

Notice that Link is trading within a bullish breakout pattern. Since the path of least resistance is to the north, the reversal from the 61.8 percent Fibonacci retracement could be the fuel that will drive Link to $3.2. That’s a feasible bull target as per Fibonacci extension rules based on May trade range.

Technical Indicator

Remarkably, the break above May high at $1.5 is with high trading volumes of 1.3 million against 360k. As a result, every dip is another buying opportunity for traders aiming at $2.6 and later $3.2 as aforementioned. Accompanying this revival should be high participation, preferably exceeding averages of 360k or even 1.3 million of June 13th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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