It is an Ethereum (ERC-677) Oracle network based on Ethereum Blockchain and its has its token called LINK which is used for paying Chainlink related Smart contract data retrieval and transaction. It uses Proof of Stake which means LINK has to be staked in order to validate nodes.
Characteristics of Chainlink
- Works with External Data
- Data Aggregation
The above chart shows how LINK wrestled its way up from it low prices of $1.6 which it was being traded for in 2020 and reached an all time high of $52. Currently its trading at $23.65 and it trading above the support zone at $19 on the weekly chart. It has to create a reversal candle on the D1 or W1 before it goes up again.
Chainlink has good characteristics which makes it a good investment to look into. The way it traded in the past few months just showed its capabilities ans when the price and chart patterns finaly give us an opportunity to buy in then it will be good to acquire a few tokens and add them into you portfolio.