Is a Breakout on the Horizon?

• Chainlink approaches a critical $12-$13 resistance in an ascending triangle, hinting at a breakout potential.
• Technical indicators remain neutral, with the RSI showing room for growth, while MACD and volume are steady.
• Chainlink’s new blockchain partnership with SWIFT and ANZ could drive institutional adoption and boost interest.

Chainlink may be approaching a breakout, driven by technical indicators and recent developments. The crypto asset has been moving upward, forming an ascending triangle.

This setup has drawn attention from traders as LINK approaches a crucial horizontal resistance between $12 and $13. Historically, this zone has been a challenging barrier for the asset, with multiple unsuccessful attempts to break through.

LINK Price Performance and Market Sentiment

LINK’s technical analysis shows a strong breakout scenario. LINK’s price has tested the resistance level.

The RSI remains below the overbought zone, indicating that LINK may still have room for an upward movement. Additionally, trading volumes support the likelihood of sustained interest in LINK.

However, the MACD indicator shows minimal momentum. The RSI is at 47.88, reflecting mild bearish sentiment, suggesting a neutral outlook in the short term.

As of the latest price check, Chainlink trades at $11.27, experiencing a minor decline of 0.29% over the past day. Despite this slight drop, the trading volume has increased to $280.80 million, marking a 2.12% increase in activity.

Recent Developments Boost Investor Confidence

Chainlink’s recent developments have fueled renewed interest. The Chainlink community gathered in Hong Kong for SmartCon on October 30 and 31, where Chainlink announced a collaboration with SWIFT, introducing a privacy-focused institutional blockchain.

This blockchain will help with compliance with regulations like GDPR and MiFID II. The Australia and New Zealand Banking Group (ANZ) will be among the first to use this system.

Read also: Chainlink Launches CCIP Private Transactions, ANZ Bank Pilots New Feature

Adding further momentum, Chainlink co-founder Sergey Nazarov introduced the Chainlink Runtime Environment at SmartCon, designed to allow developers to build decentralized applications (dApps) across multiple chains in a unified environment.