- Chainlink (LINK) announces that its price feed can be accessed on Base, meaning developers can access popular crypto markets.
- LINK is currently looking bullish following the integration as it gathers momentum to hit $10.
Coinbase recently announced that it has launched its Ethereum layer 2 network Base, as part of its effort to onboard more than a billion users into the crypto world. To appeal to users in the crypto space, Base is designed to be secure, developer-friendly, and cost-effective. Interestingly, this network is already attracting industry giants as Chainlink (LINK ), the biggest oracle network in the world has its price feed available on Base. The integration would enable developers in Base to gain access to the most popular markets in the crypto space.
More on Link’s Oracles and Coinbase’s Base
Chainlink oracles are largely utilized by the Decentralized Finance (DEFI) industry due to how easier it is for developers to integrate off-chain data. It is also important to note that the price feeds are secured by decentralized oracle networks which comprise several node operators.
Johann Eid of Chainlink commented on this:
The security, reliability, and accuracy guarantee that Chainlink’s Sybil-resistant Oracle networks provide will enable developers to push the frontier of what’s possible when a fast layer-2 blockchain meets industry-leading Oracle infrastructure.
The Chainlink price feeds are usually reflections of weighted averages on both reputable Decentralized Exchanges and the Centralized Exchanges as well as other data providers.
Base’s area of specialty in the crypto industry is one of the most congested as it would be up against the likes of Polygon, Arbitrum, and Optimism. Layer 1 networks like Avalanche and Solana which relatively have lower costs and faster transaction time would also be another competition for the Coinbase’s Ethereum layer 2 networks. For now, it is doing well as its total value bridged currently “stands” at $138,634,166 according to Dune Analytics.
It is reported that Base has exceeded a $200 million trading volume. According to reports, a lot of that is reported to be coming from “Degen crypto power users.” DEX Screener also disclosed that 536,000 transactions were recorded in just 24 hours.
Chainlink (LINK) Price Analysis
Market data shows that the integration with Base has rekindled investors’ confidence as LINK’s market sentiment becomes very bullish. While its seven-day run is still in decline by 2 percent, LINK shows signs of recovery as it surges by 1.28 percent in the last 24 hours. The asset is bouncing back as it moved from its low of $6.95 on Monday to $7.5 just a few hours ago. As of press time, Link had marginally declined to trade at $7.44 which is still impressive. From its price chart, LINK has moved above the ascending trend line.
According to analysts, the asset has also moved above the 25-period volume-weighted moving average. Interestingly, its Relative Strength Index (RSI) is also moving higher. Another observation is that Chainlink moved to retest the descending trendline that connects the highest points since July 21 according to analysts.
Chainlink’s next resistance level is $7.78. Once it breaks into this level, the asset would have to trade above another key resistance level at $8 to extend its bullish run to hit $10. However, it may head downwards to $6 when it goes the opposite direction to trade below its $7.3 support level.
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