Partners With Chainlink For On-Chain US Economic Data

The BNB worth continues to defy broader market developments, reaching a powerful new peak of $1,240 to kick off the week and solidifying its standing as one of many high performers within the cryptocurrency trade. 

BNB Chain Companions With Chainlink 

Over the previous 30 days, the BNB worth has recorded a powerful 41% achieve, pushed partly by a latest collaboration between BNB Chain and Chainlink (LINK), dubbed as one of many market’s main oracle suppliers. 

This partnership was publicly announced on Monday on social media platform X (previously Twitter), the place Chainlink revealed that BNB Chain had adopted its information customary to make official US Division of Commerce information accessible on-chain. 

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The info sourced from the Bureau of Financial Evaluation will allow Chainlink Value Feeds to ship vital macroeconomic indicators on to BNB Chain. 

These indicators embrace key metrics like Gross Home Product (GDP), the Private Consumption Expenditures (PCE) Value Index, and Actual Last Gross sales to Non-public Home Purchasers. 

Chainlink asserts that the supply of such information opens up a collection of recent prospects for builders, permitting for the creation of recent varieties of digital property, prediction markets that leverage clear financial inputs, and perpetual futures markets grounded in official authorities statistics. 

Moreover, decentralized finance (DeFi) protocols can enhance their danger administration methods by aligning them with real-world financial circumstances.

BNB Value Goal Raised To $1,500 

Market knowledgeable Crypto King has been vocal in regards to the BNB worth trajectory, asserting that the token is demonstrating a transparent pattern of upward momentum. 

He recognized three important breakout phases: one in July that sparked a robust rally, a second in September, and the present breakout, which he believes is constructing towards new highs. Crypto King has set an formidable goal of $1,500 for Binance Coin, suggesting that this structural climb is something however random.

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Nevertheless, not all market analysts share the identical optimism. One other knowledgeable, generally known as Crypto Claws on X, has issued a cautionary notice, warning that if the present momentum fizzles, a correction towards the $700 vary by December could possibly be on the horizon. 

This state of affairs would indicate a possible 43% decline for the BNB worth, elevating issues in regards to the token’s technical construction and the probability of a vital pullback earlier than the subsequent important bullish leg.

Along with the BNB worth efficiency, different cryptocurrencies are additionally following the token’s lead. Bitcoin (BTC) has surged previous the $125,000 mark, reaching a brand new report, whereas Ethereum (ETH) is simply 5% shy of breaking its earlier excessive. 

In the meantime, Chainlink’s native token, LINK, stays properly under its all-time excessive of $52.70, at present buying and selling just below $23—a spot of practically 57% that means room for development.

Featured picture from DALL-E, chart from TradingView.com