In the realm of financial technology, Chainlink’s cryptocurrency token, known as LINK, has demonstrated robust performance over the past week, its value witnessing a is a solid 21.3% surge in the preceding seven days. This bullish run has grabbed analysts’ attention, who are closely monitoring the token’s performance, predicting exciting opportunities in the long run.
The recent announcement of Chainlink’s strategic partnership with the Avalanche blockchain platform and the Australia and New Zealand Banking Group (ANZ) has sparked an intensifying interest. Esteemed for its role in the fusion of blockchains, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will serve as a bridge to connect the Avalanche and Ethereum blockchains.
On the horizon is the possibility of a simplified experience for investors and traders who indulge in the trade and settlement of tokenized assets across networks. The evolving process introduces varied currency options through a mechanism known as Delivery versus Payment (DvP), simplifying cross-chain transactions.
The fintech community rallied around this partnership and LINK’s upswing, with an enlightening response. This positive sentiment was echoed by many users, its reflection evident in LINK’s soaring value, which rose 9% within the previous 24 hours.
Noted crypto analyst and trader, The Lord of Entry, has shared his optimism about LINK’s prospects. Pointing out LINK’s triumphant break past an $18.5 resistance level that had plagued it since March 18th, he augured its potentially bullish run.
LINK, living up to the analysts’ expectations, maintained an upward trajectory throughout the following day, successfully surpassing the $18.5 mark. Early Tuesday showed LINK values breaching the $20 level, facing though, resistance near the $20.5 range.
If LINK were to surpass this resistance and transform it into a support zone, the trader anticipates a surge to the $28 price range as the next significant target. Twice in the past hour, LINK tested the resistance level, briefly exceeding the $20.7 price range, before once again, falling below $20.5.
Nevertheless, in the past 24 hours, LINK’s value has seen a 9% rise. Its market activity has also experienced a 55.19% increase, reaching a daily trading volume of $539.9 million. LINK’s market capitalization rose by 8.16% over the preceding day, attaining a total of $12.02 billion, catapulting it to the 14th largest cryptocurrency as per CoinMarketCap statistics.
In the past year, LINK’s annual performance shows an astounding 182.6% upward trajectory. Another crypto analyst, Altcoin Sherpa, advises against its active trading due to its booming success, proposing a “buy and hold” scheme as it is perceived as a relatively safer option. Sherpa views LINK as “very strong” and “one of the best” in its long term performance, suggesting a price consolidation phase before its next move.
As Chainlink, represented by LINK, continues extending its boundaries, the crypto token hits $20.6 on the 3-day chart, marking another pivotal milestone in its ongoing journey.
