Chainlink (LINK) price has recently been stuck between a resistance of $16.00 and a support of $13.08. However, in light of recent developments, the token powering the decentralized information processing platform’s verifiable network may have more upward potential. The recent price increase already indicates this.
Successful Tests
Tests conducted with DTCC and major US banking giants indicate that Chainlink could make significant strides in the coming period. The Chainlink network successfully completed its planned tests with DTCC and ten partner firms to accelerate the tokenization of funds. These partner firms include American Trust Custody, Edward Jones, JPMorgan, American Century Investments, Franklin Templeton, MFS, US Bank, BNY Mellon, Invesco, and State Street.
The tests enabled Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to function as an abstraction layer among multiple Blockchains required for integration with DTCC now and in the future. Chainlink’s co-founder Sergey Nazarov emphasizes the importance of the tests, stating that major market participants are working to solve concrete problems by bringing together their Blockchains, smart contracts, and Oracle networks.
LINK Price Exceeds $15
The Chainlink price gained momentum with a 10% increase in the last 24 hours as long as the Bitcoin price remained above $65,500. The Relative Strength Index (RSI) being above the average level of 50 and the Moving Average Convergence Divergence (MACD) indicator staying above the orange band of the signal line indicate an increasing bullish trend in the LINK market.
The volume profile shows that bullish hands are interacting with the Link price, which could trigger more upward potential. If LINK bulls can push the Chainlink price above the $16.863 resistance level, this resistance level is likely to become support. Additionally, this could encourage more buy orders. If gains reach high levels, the Chainlink price could rise to the $20.702 barrier.
On the other hand, if investors cash in their gains, consolidation may occur, and the Chainlink price could fall. However, a decisive candlestick closing below $13.080 could be concerning.
