Chainlink price started a swift recovery with the news of a key announcement by the blockchain’s network. Chainlink Labs is to empower the Web3 project’s ecosystem through a new startup program.

Chainlink price posted double-digit gains over the past week and recovered from the drop in its price. The altcoin has started an uptrend, and the Chainlink price has crossed $16. Chainlink Labs, the developers of the altcoin, announced a startup program that offers resources to early-stage Web3 projects.

Chainlink Labs launched the program intending to create a lasting Web3 ecosystem. It provides a blueprint for new cryptocurrency projects and guides them along their blockchain journey.

The program would offer free information resources, access to mentors and a pool of business and technical experts to Web3-based projects.

Chainlink price has created a bottom reversal setup that suggests LINK is due for a move up north. While the oracle token is nowhere near a breakout, it indicates the possibility is around the corner.

David Post, a Chainlink Labs executive, believes that by exchanging operational best practices, organizing webinars, key events and community groups, startups in the Web3 ecosystem will survive in the long term.

Analysts have evaluated the Chainlink price trend and noted that the altcoin’s price has crossed its 50-day Simple Moving Average. There is a steady increase in trade volume; and as long as the Chainlink price advances towards a 200-day SMA, analysts remain bullish on the asset.

@CryptoWarrior01, a crypto analyst and trader, believes Chainlink price could test $18 and $20 resistance.

Chainlink price has created a bottom reversal setup

Mar 24 2022

Stop Loss -14.24%

Holding time 19d23hr

15.591

Entry price

13.370

Stop loss price