A Potential Rally May Lead LINK to $15

Chainlink price prediction highlights the upside trend of LINK crypto towards the $15 mark over the daily time frame chart. LINK crypto has finally broken out of the long term consolidation phase to recover and reach the $15 mark. However, currently LINK is struggling to sustain near the $11.65 resistance level and is consolidating there.

What’s Happening With Chainlink Lately?

The reason for Chainlink crypto’s good performance has been the increasing acceptance of its Cross-Chain Interoperability Protocol (CCIP). Introduced in July of this year, CCIP is a tech-stack upgrade that makes cross-chain transactions easier.

Numerous platforms, such as Avalanche, Ethereum, Optimism, Polygon, Aave, and Synthetix, have adopted it, facilitating communication between these blockchains.

Furthermore, Chainlink included CCIP into Base, the Ethereum layer-2 network that Coinbase supports. Chainlink crypto’s attractiveness and functionality are further enhanced by this integration, which enables developers to create safe cross-chain applications and services.

Apart from Chainlink cryptocurrency’s impressive performance, there has been a bullish trend in the cryptocurrency market as a whole. The total market capitalization of cryptocurrencies climbed by almost 3% to reach $1.2 Trillion, according to data from CoinGecko. Dogecoin saw the biggest gains among the top ten cryptocurrencies, coming in at 4%, and was followed by Solana (3.2%), Ethereum, and Binance Coin (2.1%).

Bitcoin also experienced a 2% rise and is currently trading at around $30,500.

The Cross-Chain Interoperability Protocol (CCIP) developed by Chainlink is causing a stir because it makes token transfers between blockchains easier. In contrast to third-party bridges, CCIP provides improved security and simplifies transactions, allaying worries about security lapses and malevolent actions in cross-chain transactions.

Moreover, CCIP’s goal is to provide access to crypto assets by moving into traditional finance, expanding its influence beyond the world of cryptocurrencies.

To facilitate the transfer of tokenized assets, Chainlink has been working with major financial institutions like BNP Paribas, Citigroup, BNY Mellon, and Swift to conduct blockchain interoperability tests. This blending of cryptocurrency and traditional finance demonstrates how blockchain technology is being adopted and used in more and more applications.

Chainlink Price Prediction November 2023

Chainlink price prediction highlights the consolidation phase of LINK crypto after registering its breakout from the long term consolidation phase. However LINK is currently trying to sustain at the neckline. If LINK coin manages to break out from the $11.65 neckline, it may recover towards the $13 recovery level and then LINK may recover towards the $15 mark.

Chainlink price was at $11.28 and has lost 1.65% of its market capitalization intraday. Trading volume fell by 14% during the intraday trading session. This demonstrates that sellers are trying to pull LINK crypto price downwards. Volume to market cap ratio was at 7.52%.

Meanwhile, LINK crypto has recovered above 20, 50, 100 and 200-days daily moving averages. Chainlink price has gained 1.16% in a week; and 46.81% in a month. Moreover, LINK gained around 56.18% in the last three months and 64.15% in the last six months. Chainlink cryptocurrency gained tremendously around 101.83% year to date.

Technical indicators highlight the overbought status of LINK crypto. The relative strength index (RSI) confirms that Chainlink price is trying to sustain at the verge of the overbought territory. RSI was at 68 and is returning from the overbought zone. Investors in Chainlink cryptocurrency need to wait until LINK crypto breaks out from the $11.65 resistance.

Summary

Chainlink price prediction highlights the upside trend of LINK crypto towards the $15 mark over the daily time frame chart. Its Cross-Chain Interoperability Protocol (CCIP) is being welcomed. Apart from Chainlink’s impressive performance, there has been a bullish trend in the cryptocurrency market as a whole. Chainlink cryptocurrency gained around 101.83% year to date. Technical indicators suggest LINK crypto is overbought.

Technical Levels

Support Levels: $10.66906295 and $10.36332342

Resistance Levels: $11.65 and $12.31741937

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.