As a seasoned crypto investor with a keen interest in fundamental analysis, I’ve closely followed the cryptocurrency market through its ups and downs. The recent price surge of Chainlink (LINK) is particularly noteworthy to me as it bucked the trend and rose over 30% in the past 14 days.
Despite a downturn in the cryptocurrency market, Chainlink’s price has defied the trend, surging more than 30% in just the last two weeks. With approximately 800 projects relying on Chainlink oracles, it’s only a matter of time before the coin’s price catches up to its robust fundamentals. At present, the LINK price stands at $18.02, marking a 7% growth in the past 24 hours and an 8% increase over the last week.
LINK Price Poised To Extend Gains by As Much As 25%
As an analyst, I’ve observed that after a prolonged 37-day price consolidation for Chainlink between April 10 and May 17, the cryptocurrency market’s sentiment shifted dramatically. This shift led to a powerful breakout for Chainlink, allowing it to soar beyond the established price range.
For the next ten consecutive days, Chainlink’s price displayed a gradual climb, creating an ascending triangle pattern. The current price trend of LINK has been consistently above both the 50-day and 200-day moving averages, adding credence to the optimistic perspective.
As a seasoned crypto investor, I’ve noticed an intriguing development with LINK. On May 27, this asset managed to break out from its ascending triangle pattern. Based on my understanding of technical analysis principles surrounding the ascending triangle formation, I believe LINK could potentially surge and reach the $22 mark.
The LINK relative strength index (RSI) is at the 60 level, also showcasing a bullish trend.
What’s Causing Chainlink Price Revival?
The price of Chainlink experienced a significant increase around May 16, coinciding with news from the Depository Trust and Clearing Corporation (DTCC) about their collaboration on a blockchain project with Chainlink. DTCC, the largest U.S. settlement and clearinghouse, disclosed this information in a report.
As a crypto investor, I’m excited about the Smart NAV Pilot project. This initiative is designed to establish a unified approach for calculating and providing the net asset value (NAV) of tokenized funds across various blockchains. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP), we can ensure accurate and reliable NAV calculations, enabling seamless transfers between different blockchain networks.
If you still doubt onchain is the next online, you’re missing it.
Case in point – the DTCC’s SmartNAV.
A summary:
Chainlink announced an industry pilot with The DTCC and 10 of the world’s largest financial institutions leveraging Chainlink CCIP.—
The DTCC is a massive…— Michael Robinson ⬡ (@77MichaelR) May 16, 2024
The favorable outcomes signify a significant simplification and cost reduction in Real-World Assets (RWA) and asset tokenization processes, particularly for mutual funds. Additionally, the Ethereum ETF’s approval could have significantly boosted the value of Ethereum coins.
Investors are feeling hopeful after learning that Chainlink will be collaborating with Swift at the Consensus 2024 event.
15,000+ people from 100+ countries are attending @consensus2024.
I’m thrilled to be directly involved in various happenings and engagements, such as Sergey Nazarov’s captivating keynote speech and an enlightening fireside chat with Swift.
Plan your schedule around everything Chainlink
— Chainlink (@chainlink) May 27, 2024
The cost of Chainlink has touched the peak of an uptrending triangle formation again, signaling a potential resumption of the bullish trend based on technical analysis.
As we move forward, the price of LINK could potentially encounter significant resistance levels around $18, $19, and $20.
As a crypto investor, if Chainlink’s price were to take an unexpected downturn, I would keep a close eye on key support levels. The 50-day Simple Moving Average (SMA), priced around $17, would be one such level. Similarly, the 200-day SMA, hovering around $15, would be another potential support area. Lastly, I would not overlook the importance of pivot points at $14 and $13, which could act as bouncing grounds for price action to regain momentum and move higher once again.
Bottom Line
As a crypto investor, I’ve noticed an uplifting trend in Chainlink’s price, even as the broader cryptocurrency market has experienced a correction, resulting in a 1.61% decrease in the total market capitalization. This resilience displayed by Chainlink could be a promising indicator of its underlying robustness and potential for future prosperity.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- MNT PREDICTION. MNT cryptocurrency
- ETHW PREDICTION. ETHW cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- I Physically Need WWE 2K25’s Showcase to Feature The Bloodline
- Rumor: One of the Weirdest Games of 2014 Could Be Making a Comeback
- ALPINE PREDICTION. ALPINE cryptocurrency
2024-05-28 09:22