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Cryptocurrency News Articles
Chainlink (LINK) Forms Bullish Flag Pattern, Analysts Predict LINK Rally to $30
Oct 24, 2024 at 06:22 pm
The partnership between Chainlink (LINK) and Swift has been causing excitement lately. LINK is still up 0.94 over the week despite a 24-hour drop of 6.64%, currently priced at $11.30. Analysts are exploring the potential for LINK to reach $30.
Cryptocurrency Chainlink (LINK) has seen a 0.94% gain over the last seven days, despite a 24-hour drop of 6.64%. The coin is currently trading at $11.30. However, some analysts are predicting that LINK could rally to $30.
Chainlink and SWIFT recently announced a partnership to integrate blockchain into traditional finance. This will allow institutions to interact with digital assets over SWIFT’s established messaging network.
Institutions can lock assets on-chain and perform payments securely, using Chainlink’s blockchain infrastructure to convert traditional finance messages into blockchain events.
At Sibos, Nazarov announced that the solution was moving into pre-production and that the functionalities are ready for the banks to integrate into their existing systems.
Another aspect of the partnership is the introduction of a Blockchain Privacy Manager (BPM), which facilitates the secure execution of transactions like private tokenized asset trades and cross-border payments on the Chainlink platform.
Crypto expert World Of Charts observed that the asset is forming a bullish flag pattern after a prolonged correction period. The price is encountering a crucial horizontal resistance, and if LINK manages to clear the trendline resistance, it could reach $15 within the upcoming days.
Moreover, if LINK breaks past the trendline resistance, it could gain momentum to hit $30, considering the positive sentiment around the Chainlink-SWIFT partnership.
A 96% increase in 24-hour trading volume on Chainlink indicates growing interest. As the community anticipates the upcoming SWIFT integration and its benefits, this surge bodes well for the Chainlink ecosystem.
The volume growth suggests that investors are betting on LINK to reap the future rewards of the partnership’s strategic value.
Technical Levels and Indicators to Watch
Technical indicators are showing mixed signals, with the 50-day exponential moving average (EMA) currently indicating a short-term bullish sentiment. However, LINK needs to close above the 200-day EMA for a longer-term bullish outlook.
The positive green histogram bars indicate increasing upward momentum, and the MACD line is above the signal line, suggesting a bullish trend. Additionally, an increase in trading volume is usually a sign of stronger buying pressure, which could help LINK overcome some resistance levels.
A crucial level for Chainlink to maintain its bullish momentum is $12.080. A successful flip of this level into support could ignite a move towards $20.
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