Chainlink (LINK) Price Eyes Bullish Rebound After Recent Dip
The post Chainlink (LINK) Price Eyes Bullish Rebound After Recent Dip appeared first on Coinpedia Fintech News
Chainlink (LINK) price closed last month on a bearish note after slipping over 7.9 percent in the past two weeks to trade about $12.74 on Thursday, during the early Asian session. The mid-cap altcoin, with a fully diluted valuation of about $12.79 billion and a daily average traded volume of around $300 million, has however signaled an inevitable bullish rebound ahead.
Furthermore, Chainlink’s price has established a solid support level above $12.5 in the past four months.
Additionally, Chainlink’s monthly Relative Strength Index (RSI) has already rebounded off the 50 percent level. According to a popular crypto analyst Ali Martinez, the TD Sequential indicator has flashed a buy signal, thus anticipating a tangible rebound ahead.
Chainlink Registers a Growing Ecosystem
In the past few years, the Chainlink network has become a vital part of mainstream Web3 adoption. Backed by reputable investors and smart contract developers, it has led in development activity on the Ethereum network in the past 30 days.
Here are crypto's top ERC-20 coins by notable development activity in the past 30 days. Directional indicators represent each project's ranking rise or fall since last month:
1) @chainlink $LINK
2) @ethstatus $SNT
3) @ethereum $ETH
4) #susd $SUSD
5) @synthetix_io… pic.twitter.com/ZvOSF38iBh— Santiment (@santimentfeed) July 31, 2024
As a reliable source of crypto oracle data, more spot Ether and Bitcoin ETFs have integrated with Chainlink to ensure utmost transparency. For instance, 21Shares recently integrated with Chainlink Proof of Reserve (PoR) to increase reserves transparency for the 21Shares Core Ethereum ETF (CETH).
The Chainlink network has been helping more institutional investors tokenize real-world assets such as Gold, bonds, and real estate. Furthermore, Chainlink’s CCIP offers a secure and scalable interoperability solution in the web3 industry.
Midterm Targets for LINK
Chainlink price has accumulated significant bullish sentiments in the past few months, thus guaranteeing an inevitable breakout in the near term. From a technical standpoint, Chainlink price has completed the second phase in the Elliott wave principle, which means the second Bullish cycle is on the horizon.
If the LINK price successfully rebounds in the near term, the elect target range is between $18.8 and $22.8, which coincides with the 1.618 and 2.618 daily Fibonacci extension. Otherwise, Chainlink’s price could retrace to around $10 if the altcoin fails to recover the daily 50 and 200 Moving Averages (MA) as a support level.
