Chainlink (LINK) Surges 8% Amid Broader Cryptocurrency Market Malaise
Chainlink (LINK), the digital currency that powers Chainlink’s blockchain interoperability network, experienced an 8% surge on Monday, outperforming most of the broader cryptocurrency market. As of now trading in the $6.60s per token, LINK has failed to break over its 200-day moving average (DMA) at $6.70 but has successfully surpassed its recent range of $5.80 to $6.40.
The heightened buying pressure for Chainlink can be attributed to its recent partnerships with major worldwide financial institutions and infrastructure providers. In June, Chainlink collaborated with the United States Depository Trust and Clearing Corporation (DTCC) on a SWIFT blockchain interoperability project, aiming to accelerate asset tokenization adoption.
Furthermore, Chainlink’s founder spoke at SWIFT’s worldwide networking event Sibos, emphasizing the advantages and use cases of the protocol. In addition, ANZ, an Australasian bank, utilized Chainlink’s Cross-Chain Interoperability Protocol for a cross-chain purchase of an Australian dollar pegged stablecoin.
Price Prediction – What Lies Ahead for Chainlink (LINK)?
With major institutions showing strong interest in leveraging Chainlink’s technology, it is well-positioned to become a whole lot of player in the cryptocurrency space in the future. This indicates a positive long-term outlook for LINK.
Nonetheless, for speculators, it is too early to bet on whole lot of short-medium term price improvements for LINK. The digital currency remains within its 16- 30 days price range of approximately $5 to $9. Still, if LINK can break over the 200DMA at $6.70, it may have the capacity to rally towards summer highs around $8.40 and yearly highs near $8.80.
Consider Chainlink (LINK) Alternatives
To mitigate dangers in the unpredictable cryptocurrency market, it is wise for investors to diversify their portfolio. One promising alternative to Chainlink is a new coin launched by Wall Street Memes, a trending retail investing community on the internet.
Wall Street Memes recently introduced its Meme Coin coin token $WSM and has already raised over $25 Million in its presale. With support from industry influencers and analysts, $WSM is expected to accomplish whole lot of success. The presale will end in less than 7 days, so investors should act quickly to get involved and potentially take advantage of this token’s growth.
Hot Take: Chainlink (LINK) Shows Promise Amidst Market Turmoil
Regardless of the overall downturn in the cryptocurrency market, Chainlink’s recent partnerships and institutional adoption have contributed to its surge in value. As major financial institutions recognize the capacity of Chainlink’s blockchain interoperability network, its long-term prospects appear promising.
Nonetheless, it is important to exercise caution when speculating on short-medium term price movements. Although while a breakout over the 200DMA could lead to further gains, LINK remains within its value range for now. Investors should likewise consider diversifying their holdings by exploring alternatives such as Wall Street Memes’ $WSM token, which has gained whole lot of traction in the market.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.
