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.
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.
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 Pixabay and chart from TradingView.com
Credit: Source link
