Chainlink sees $200 Million Trading Volume Coming In. Bullish?

CRYPTO CORNER

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The price of Chainlink has increased by 1.5% in the past 24 hours, reaching $6.22, while the overall cryptocurrency market has declined slightly. In the past week, LINK has increased by 3%, despite market trends, due to the news that Swift has used Chainlink’s Cross-Chain Interoperability Programme (CCIP) in tokenization trials. This usage is expected to boost LINK’s use and price in the near future. However, the coin has decreased by 16% in the last 30 days, while it has increased by 11.5% since the beginning of the year.

Indeed, Chainlink’s price has increased by 1.5% in the past 24 hours, reaching $6.22, while the overall cryptocurrency market has declined slightly. The recent news that payment network Swift has used Chainlink’s Cross-Chain Interoperability Programme (CCIP) in tokenization trials has caused LINK to increase by some 3% in the past week, despite the negative crypto market trend.

This usage is expected to boost LINK’s use and its market value in the near future. The coin’s indicators suggest that it has just begun seeing an increase in momentum and buying pressure, with its relative strength index (RSI) reaching 50 in the past day, up from around 30 in the middle of August.

This indicates that the coin could be at the beginning of a rally, with the position of its 30-day moving average suggesting that it has recently hit a bottom. LINK’s medium-term support level has been rising steadily in the past few days, which again suggests that the coin’s recent decline has been exhausted.

As I pointed out in my analysis from a couple of weeks ago, LINK is a really good “buy” anywhere below the $7 mark. Days after my call, we saw LINK drop to $6 and even below. It was very brief though and the price has now recovered above the $6 mark but still hovers around this support and still ideal for medium/long term accumulation.

Chainlink’s network now has nearly 1,000 oracles and more than 10 billion on-chain data points. This indicates that Chainlink’s network is being used extensively, and when combined with the recent news that Swift has used Chainlink’s Cross-Chain Interoperability Programme (CCIP) in tokenization trials, it suggests that the platform could become one of the biggest providers of on-chain data in the world. As a result, LINK is expected to experience sustained increases in the coming months.

This is yet another reason to add this token to your crypto portfolio and grab it on the low. I still maintain my view that anything below $7 is a great price point for this token and I’m surely adding more to my bags for the upcoming bull cycle which I anticipate will be in full swing next year.

☝These are my opinions, not financial advice, always DYOR.

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The information contained in this article is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.

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