Chainlink (LINK) Rides Bullish Waves With 42% Gains In The Week, Is $15 Possible?
27 Outubro 2023 - 8:00AM
NEWSBTC
LINK recorded impressive gains in the past week, with an over 43%
seven-day price increase. However, the token’s price has slightly
retraced in the last 24 hours, likely due to buyers taking profit
after an aggressive accumulation phase for LINK tokens.
Chainlink’s notable uptick could be due to the ongoing bullish
waves in the broader crypto market. Bitcoin, the flagship
cryptocurrency, recorded a significant uptick, surging to nearly
$35,000, the highest in over a year. Related Reading: SEC
Demands $700 Million Settlement From Ripple, Pro-XRP Lawyer Reveals
Next Steps Bitcoin’s performance triggered a wave of optimism
across the crypto market, causing most coins, including LINK, to
soar. Moreover, Chainlink’s CCIP has recorded additional adoption
and likely consolidated on LINK’s price gains. But how far
can the ongoing bullish momentum take LINK? Can it conquer
prevailing resistance to reach $15? Let’s find out! LINK
Shows Signs Of Retracement, Is $15 Possible? LINK is in an uptrend
after breaching the $6.99 support level as buyers re-entered the
market and forced a rally to the $11.9 resistance level.
LINK’s rally began last week when it surged from $7.42 on October
16 to $10.41 on October 23. While the rally has stalled, the latest
strides show that buyers are intent on facilitating further rallies
to retest the $11.9 resistance A move above this level would
empower LINK to target $15. Moreover, the higher high candlesticks
on the chart imply that LINK will likely consolidate on its rally
in the coming days. Additionally, the Moving Average
Convergence/Divergence (MACD) is above its signal line, displaying
a strong buy signal. The green Histogram bars confirm this signal,
which implies that LINK buyers are still active. LINK trades
at $11.003, with a 1.62% increase in the last 24 hours. Based on
LINK’s trajectory, it will likely break above the $11.9 resistance
to reach $15 in the coming weeks if buyers sustain their
charge. What Is Driving LINK’s Price Gains? Besides the
general uptrend in the crypto market, Chainlink has recorded
notable developments within its ecosystem, likely sustaining its
price gains. One such is the integration of Chainlink’s
CCIP by DeFi provider Affine. The Chainlink CCIP is the new
industry standard for secure cross-chain linking on Ethereum and
Polygon mainnets. Affine hopes to leverage the CCIP’s
messaging abilities to create a cross-chain NFT bridging function
for Affine Pass NFTs. It will ensure seamless and secure NFT
transfers between supported blockchains. According to Affine
developers, they selected Chainlink to host the Affine NFTs due to
its proven security and reliability track record. More so,
some experts forecast that there will be up to $5 trillion in
tokenized digital securities by 2030. Chainlink will likely benefit
from this expansion since it is a significant player in tokenized
assets technology. Related Reading: PEPE Price Leaps 90% As Meme
Coin Reaches Over 155,000 On-Chain Wallets With benefits such as
fast transaction settlements, operational cost savings, and
enhanced transparency, tokenization will likely boost Chainlink’s
overall value. These developments are likely sustaining the
price gains for the LINK token in the past week. Although LINK
trades slightly above $11 today, it will likely rise to $15 if
market conditions remain favorable. Featured image from
Shutterstock and chart from TradingView.com
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