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Chainlink Rises Steadily Amidst Collaborative Ventures

source-logo  thenewscrypto.com 21 November 2023 08:38, UTC
  • Chainlink surged 88% in the past 30 days.
  • Analysts foresee a potential breakout, targeting $20 for LINK.

Chainlink, a standout in the blockchain realm, recently captured investor attention as its price made historic leaps, marking an 88% surge over the past month. Starting at $7.362 and reaching $17, the bullish movement led to excitement, but the current market reflects a 5% decline, with LINK trading at $14.

Meanwhile, Santiment‘s data provides intriguing insights. On October 17th, when Chainlink was below $7.40, the 200 largest wallets collectively added 40.18 million LINK. Within 25 days, the asset skyrocketed by 125% to approximately $14.60, maintaining elevated wallet activity ever since.

Moreover, renowned crypto analyst Ali Martinez highlighted Chainlink’s potential breakout from a bullish flag pattern. The speculated scenario involves a retest of around $14 before potentially surging toward the $20 mark.

A significant stride emerged through Swift’s collaboration with Chainlink and 12 financial institutions. This partnership showcased the efficient and secure transfer of tokenized value across public and private blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Acting as an enterprise abstraction layer, Chainlink securely connected the Swift network to Ethereum Sepolia, ensuring seamless interoperability.

What’s Ahead For Link?

Analyzing LINK‘s price movements, indicators show a battle between bulls and bears. The 9-day exponential moving average (EMA) hovers slightly above the trading price at 14.31, while the daily relative strength index (RSI) holds at a neutral 58, indicating a balanced market. Notably, Chainlink’s trading volume surged by 9% in the past 24 hours.

LINK Price Chart, Source: TradingView

Looking ahead, breaching the $15.52 mark could signal a move toward testing the $16.6 resistance level. Conversely, a downturn below $12.8 might trigger a test of the $10.52 support level.

Concluding, Chainlink gets community support as they believe its recent surge, coupled with its pivotal collaborations, paints a dynamic landscape for the token, showcasing the potential for growth amidst ongoing market fluctuations.