Chainlink price aims for new highs after it got the award as a Technology Pioneer at the World Economic Forum as we reported previously in the Chainlink news.
The price went up as it continues to prove its utility and solve real-world problems. The World Economic Forum recognized Chainlink as one of the Technology Pioneers in 2020 and right after the announcement LINK’s price jumped over 13%. A few other metrics suggest that LINK is poised for more gains.
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The decentralized oracle network Chainlink is in the spotlight because of its technology which brings more value to DeFi and it could even set the stage for more gains.
The World Economic Forum has recognized Chainlink as one of the “Technology Pioneers” of 2020 as the decentralized oracle firm is one of the 100 companies that lead various emerging technologies and innovations in multiple sectors. Sergey Nazarov, Chainlink’s co-founder said that it was “thrilled” about the acknowledgment of these prestigious organizations and it is preparing to contribute to the initiatives of the forum over the next two years:
“Using smart contracts on the blockchain to bring enforceable guarantees to contractual obligations has widespread social and economic benefits. We’re proud to play a role in bringing accountability and automation to global and local economies, and we look forward to contributing to Forum dialogues on this challenge.”
By joining the WEF’s global innovators community, Chainlink will play a huge role in bringing their “cutting-edge insights” to some conferences across the world to help navigate transformations across different industries. The recent endorsement is a clear sign of the importance of Chainlink’s decentralized oracles technology as it can serve as a bridge between on-chain and off-chain data. Although MakerDAO is among the biggest blockchain startups that were added to WEF’s list, Chainlink seems to have benefited the most from this announcement. The price of the altcoin increased over 13% in the past 24 hours while multiple indexes show that it could advance higher.
IntoTheBlock’s In/Out of Money Around price model reveals that Chainlink price aims to sit on top of the massive supply barrier that could absorb any downward pressure. Based on the on-chain metrics, more than 10,500 addresses purchased more than 20 million LINK between $3.9 and $4. The significant support wall could have the ability to hold the event if another correction preventing the price of going down. On the flip side, the IOMAP cohorts show that the most important resistance hurdle sits between $4.3 and $4.4.
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