Sergey Nazarov, a crypto expert and co-founder of Chainlink Labs, reflects the enthusiasm about the synergy between artificial intelligence (AI) and Blockchain. A popular crypto analyst is waiting 3x for the altcoin.
Chainlink founder agrees with AI hype
The developers of the Ethereum-based Blockchain network appear to be in the race to link the project with AI integration. cryptocoin.comFollowing the recent instant adoption of ChatGPT and the huge interest in AI tokens in the crypto space, there is a quest for a mix of Blockchain and AI. Even as the ChatGPT vs. Google Bard war continues, traders continue to bet on some of the emerging AI tokens. Meanwhile, existing cryptocurrencies are not in the mood to give up the opportunity to monetize the AI craze.
Chainlink founder Sergey Nazarov announced the team’s plans to integrate various AI-based use cases for Blockchain. First of all, Chainlink is a solution that enables universally connected smart contracts. In other words, it allows off-chain interaction in the world of Decentralized finance (DeFi). Proposals include launching an AI-based fraud detection for cross-chain operations. Overall, the goal is to eventually find ways to build AI-based learning.
Meanwhile, the exact possibilities of mass adoption of both are yet to be seen, as is the market’s demand for Blockchain and AI solutions. According to experts, if interest in both becomes evident, they will need decentralized oracle solutions. For the interaction between AI and Blockchains, decentralized oracles will serve as ‘interoperable and trust-minimized middleware’. This collaboration can push the barriers in various parts of data management optimization in Blockchains.
So, Nazarov says, three areas will be on the agenda: Cross-chain AI-based fraud detection, zero-knowledge proof for publishing data to AI models, and secure permission between AI and other systems. In this respect, he mentioned that Chainlink has already started R&D studies in related fields.
Popular analyst announced that he is bullish on the altcoin project
Famous crypto analyst Michael van de Poppe announced that he is bullish on ChainLink (LINK). This is because the 200-day EMA is on the verge of crossing the 200-day SMA on LINK’s chart. The analyst added that this transition resulted in 2x gains for LINK when it last occurred in 2019. As a result, the analyst stated that he expects the altcoin price to 3x again if this crossover occurs.
Looking at the LINK daily chart, the altcoin price has bounced off the medium-term positive trendline over the past 24-48 hours to trade at its current level. The momentum oscillators on LINK’s daily chart show a bearish trend at press time. It shows that LINK price may make another move below the positive trendline in the coming days.
Currently, the 9-day EMA is trading below the longer 20-day EMA after the two EMAs crossed on February 12, 2023. In addition, the MACD line is positioned below the MACD SMA line and the MACD Histogram is negative at the time of writing. Despite the bearish trend expressed by the momentum oscillators on LINK’s daily chart, the bullish thesis presented by Van de Poppe is supported by the bullish ascending triangle chart pattern found on LINK’s daily chart. The basis for this bullish chart pattern is the key $7,214 resistance level. As of the publication date of the news, the altcoin is changing hands at $ 7.16, up 5.45% in the last 24 hours.
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