Chainlink’s growing adoption and Bitcoin’s recovery sent LINK up 15%

Chainlink LINK Flourishing Capital Bitcoin
“Chainlink Spiderweb Gyroscope” by davitydave is licensed under CC BY 2.0

Key Takeaways:

  • Chainlink obtained a new partnership with Flourishing Capital.
  • LINK jumped 15 percent, affected by the new collaboration and Bitcoin’s price action.
  • The four-hour chart flashed the ascending channel pattern.

YEREVAN (CoinChapter.com) – LINK jumped 15% on Tuesday as its parent firm Chainlink decided to offer its oracle solutions to Flourishing Capital, a portfolio management company.

In detail, Chainlink oracle provides live price data to various DeFi projects.

Staking reward service Fleta Connect and NFT-based gaming platform Neuramon are two of the latest collaborations. The portfolio management firm will also use Chainlink-provided data feed for its AI-powered portfolio manager. The AI will then generate recommendations for each portfolio.

These recommendations can then go on to execute portfolio rebalances, determine strategy probabilities, calculate technical indicators, or identify arbitrage opportunities on behalf of users.

reads the announcement.

Meanwhile, Flourishing Capital is an AI-based trading platform, which, in its own words, is looking to employ Chainlink to make strategic portfolio investment decisions, using deep learning blockchain analysis and high-frequency trading.

As for the factors behind Flourishing Capital’s decision to choose Chainlink over other options, the company stated the following: high-quality data, low deviation updates, robust infrastructure, and transparent monitoring.

Also read: LINK jumps 10% in 24 hours as Chainlink partners with Fleta Connect and Neuramon.

Complying with Bitcoin

Aside from the new partnership, Chainlink also complied with the overall climate across the market. For example, Bitcoin, a frequent trend-mandator for altcoins, advanced 5 percent during the same period, then corrected on Sep.15. Chainlink copied the same pattern, putting a higher amplitude on the price swing, typical for altcoins.

Bitcoin consolidating below $50,000. Source: BTCUSD on TradingView.com
Bitcoin consolidating below $50,000. Source: BTCUSD on TradingView.com

Also read: Bitcoin inches up as BTC traders flip bullish on the back of positive CPI data

LINK price action chart

The LINK/USD exchange rate clocked at $30.1 ahead of the London session opening bell Wednesday. The digital asset gained 15 percent on Sep. 14 after announcing a new partnership and in compliance with the Bitcoin chart.

After the Sep. 7 crash, the digital asset sought support from its 50-day simple moving average (SMA-50). However, it couldn’t get back on top of the 20-day exponential MA. Moreover, LINK has been trading in an ascending channel with two parallel trendlines for the past week.

The channel is more prominent on the four-hour chart below. The lower trendline prevented the crypto from crashing, and the upper resistance line capped all the overly bullish attempts.

Chainlink 4h chart. Source: LINKUSD on TradingView.com
Chainlink 4h chart. Source: LINKUSD on TradingView.com

The channel by itself does not predict any particular vector for future direction. However, it could be instrumental in placing bets for as long as the formation stands.

Also read: Foreign investors exempt from paying taxes in El Salvador; 3 Bitcoins for permanent residency.

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