Chainlink (LINK) price is trading about 4% lower today after Bitcoin’s trip to record highs has been followed by a correction.
Fundamental analysis: Platform to participate in Gitcoin Grants Round 8
Chainlink announced it will participate in Gitcoin Grants Round 8 as a matching partner to support projects that aim to enhance Ethereum infrastructure.
By financing infrastructure projects and developers selected by the community, Chainlink is making progress towards the collective vision of the Ethereum community as an open-to-public service that aspires to support more sophisticated smart contract apps, Chainlink said.
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“We believe Gitcoin’s quadratic funding model is worth supporting as a fair and decentralized way of ensuring that everyone in the Ethereum community has a voice in which projects are funded regardless of the amount of capital given by any individual donor,” Chainlink wrote in a blog post.
Chainlink wrote it plans to finance the Gitcoin Grants Round 8 in a bid to match individual donating support provided to popular projects. By doing this, Chainlink said it can boost individual funding support offered to projects that are widely accepted by the community. As a result, there would be broader funding towards open-source protocols.
“DeFi has demonstrated how open-source technology can enhance our financial system, and we are now seeing Ethereum smart contracts go beyond DeFi and start generating value in other markets like insurance, gaming, NFTs, asset tokenization, and more,” Chainlink wrote.
In the blog post, Chainlink added they believe it’s their mission as one of the major protocols in the blockchain community to take part in supporting the improving the open-source community projects across various markets, particularly the infrastructure that’s crucial to all of the protocols, including Chainlink.
Technical analysis: LINK wants higher
LINK price closed nearly 8% lower last week as the price action has returned to $13.50 to retest the broken resistance line. Bitcoin’s move higher overnight dragged LINK price higher as well before a correction took place to push LINK about 4% in the red for today.
It is now apparent that investors looking to buy LINK are concentrated around the $12.20 mark, where the ascending trend line and 100-DMA are located. Another leg lower and we’re likely to see renewed interest to invest in LINK with a first target on the upside seen at $16.35.
Chainlink said it will take part in the Gitcoin Grants Round 8 as a matching partner finance projects and protocols that can significantly improve the Ethereum infrastructure. In the meantime, the LINK price action has corrected lower.