Altcoins have remained noticeably steady in their push for gains in the fourth quarter even as Bitcoin price wobbles below $35,000 in search of fresh liquidity. The industry’s leading oracle services provider protocol, Chainlink (LINK) is arguably one of the best-performance altcoins after rallying 68% over the last 30 days to trade at $12.89 on Tuesday.
Chainlink appeals to investors both retail and institutional due to its many use cases as a price feed oracle platform for blockchains and smart contracts. The platform is also front-lining the tokenization of real-world assets (RWAs) not to mention linking artificial intelligence technologies and blockchain.
Chainlink enjoys the support of a vibrant community, with over 1 million followers on Twitter (now X). The token’s market value continues to grow this week, up 2.4% in 24 hours, according to live data by CoinMarketCap.
Recommended for you: Chainlink Price Prediction As Recovery Hits New Yearly High; Is $15 Next Target
LINK ranks #12 among other cryptocurrencies, with its market capitalization increasing by 2.76% to $7.2 billion backed by an impressive 20% surge in the 24-hour trading volume to $839 million.
Chainlink Price Prediction: Assessing The Bullish Outlook In LINK
Chainlink rally in the last few weeks has attracted a lot of interest from traders targeting scalping opportunities. Investors, both retail and institutional are also booking positions believing that LINK has a bright future.
Meanwhile, Chainlink price is sitting above all three bull market indicators, including the 50-week Exponential Moving Average (EMA) (red), the 100-week EMA (blue), and the 200-week EMA (purple).
A higher support has also been established above $12 and seconded by a subsequent buyer congestion zone at $10. These two levels assure traders of LINK’s impending breakout towards $20.
The immediate seller congestion zone at $13, is the biggest blockade, derailing bulls from instantly pushing LINK price higher. However, with the Moving Average Convergence Divergence (MACD) supporting the bullish thesis, Chainlink is better positioned to close the gap to $20 than drop below $10.
Some traders may choose to lock in the gains at $18, an area that acted as resistance in April this year. If LINK breaks through, the price could quickly extend above $20.
Chainlink BUILD Welcomes Rollup Finance
The Decentralized perpetual derivatives trading exchange, Rollup Finance has officially joined Chainlink BUILD. This collaboration will see the platform tap Chainlink’s leading oracle services and enjoy direct technical support which will enhance the security of the DEX and user experience.
Chainlink announced on X that “In return, Rollup Finance will make 3.75% of its total native token supply available to Chainlink service providers, including stakers.”
🏗️ #ChainlinkBUILD 🏗️@Rollup_Finance is joining Chainlink BUILD to gain enhanced access to Chainlink’s industry-leading oracle services and technical support, which helps support the security and use of onchain perpetual trading.
— Chainlink (@chainlink) November 6, 2023
In addition to the direct benefits, Rollup Finance will have the opportunity to utilize Chainlink Web3 services which will see it tap quality, accurate, and decentralized blockchain data in addition to Chainlink’s alpha and beta releases.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.