Chainlink (LINK) Dips 4.9%, But Long-Term Outlook Remains Bullish with Key Partnerships
Comprehensive Brief:
Over the last 12 hours, Chainlink ( LINK ) has faced a 4.9% decline , bringing its price to $11.96 . However, LINK has seen a 3.9% increase over the past week, fueled by several strategic partnerships and technical developments​( Blockonomi )​( CoinGecko ).
Key Market Developments:
Partnerships and Ecosystem Growth : Chainlink recently announced a strategic partnership with ANZ Bank as part of Project Guardian , aimed at exploring real-world asset (RWA) tokenization. This move positions Chainlink as a key player in the growing DeFi and cross-chain interoperability space​( Binance ). Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) continues to gain traction, helping facilitate secure cross-chain exchanges​( MarketBeat ).
Technical Overview : LINK’s price is currently facing resistance around the $13.10 mark, which is considered a key breakout level. Should it breach this threshold, analysts predict a potential rally towards $15 , representing a possible 20% upside . However, trading volume has dropped by 25% , indicating reduced trader participation​( Blockonomi ).
On-Chain Metrics : Despite the price drop, Chainlink’s Long/Short ratio of 1.031 reflects a positive market sentiment , while its open interest-weighted funding rate of 0.0087% signals continued bullish interest​( Blockonomi ).
Read More: https://onthenode.com/cryptocurrency/chainlink-link-dips-4-9-but-long-term-outlook-remains-bullish-with-key-partnerships
Comprehensive Brief:
Over the last 12 hours, Chainlink ( LINK ) has faced a 4.9% decline , bringing its price to $11.96 . However, LINK has seen a 3.9% increase over the past week, fueled by several strategic partnerships and technical developments​( Blockonomi )​( CoinGecko ).
Key Market Developments:
Partnerships and Ecosystem Growth : Chainlink recently announced a strategic partnership with ANZ Bank as part of Project Guardian , aimed at exploring real-world asset (RWA) tokenization. This move positions Chainlink as a key player in the growing DeFi and cross-chain interoperability space​( Binance ). Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) continues to gain traction, helping facilitate secure cross-chain exchanges​( MarketBeat ).
Technical Overview : LINK’s price is currently facing resistance around the $13.10 mark, which is considered a key breakout level. Should it breach this threshold, analysts predict a potential rally towards $15 , representing a possible 20% upside . However, trading volume has dropped by 25% , indicating reduced trader participation​( Blockonomi ).
On-Chain Metrics : Despite the price drop, Chainlink’s Long/Short ratio of 1.031 reflects a positive market sentiment , while its open interest-weighted funding rate of 0.0087% signals continued bullish interest​( Blockonomi ).
Read More: https://onthenode.com/cryptocurrency/chainlink-link-dips-4-9-but-long-term-outlook-remains-bullish-with-key-partnerships
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