LINK set to leverage demand; should investors rely on Chainlink’s oracle services

ambcrypto.com:

The latest crypto market crash highlighted the need to focus on blockchain projects that offer real-world utility. LINK is among the few cryptocurrencies in this category thanks to a business model that involves providing on-chain oracle services. But, the question is- Should you really invest in LINK?

A recent chainLink tech talk provides some valuable insights with regards to the above question. One of the key highlights of the conversation was Chainlink’s role in providing oracle services. This will be an essential part of enabling the tokenization of assets on blockchains. Its services are the decentralized on-chain equivalent of Amazon Web Services (AWS).

Invenium is one of the companies currently riding on ChainLink’s tech to provide real-time tracking of digital assets on blockchain networks. The demand for such services will boost the need for oracle services. Chainlink happens to be one of the top crypto projects operating in this particular niche especially as asset tokenization becomes mainstream.

LINK’s growth is directly tied to the level of demand for Chainlink’s oracle services since it is used to pay for access to oracle data. Expanding demand for tokenization of real-world assets should contribute to LINK’s organic growth. Such an outcome will contribute to positive price performance in the mid to long term.

LINK is currently attempting to recover from a strong bearish performance during the latest market crash. Dropped as low as $5.3 and bounced back from a long-term support line. This also means it has maintained its price within a long-term descending price channel underpinned by support and resistance.

Source: TradingView

LINK’s upside in the last five days is courtesy of the tapered sell-off after it