Why Chainlink (LINK) Price Is Rising Today?
On its weekly chart, Chainlink (LINK) displayed signs of consolidation after experiencing a more than 10% increase. The altcoin, however, found it difficult to overcome significant resistance levels during the last week, matching the ambivalence seen in other altcoins amid the general market attitude. Notably, LINK price saw modest improvements over the past 24 hours. The price of the coin right now is $7.07.
The bulls have a good chance of success, according to technical analysis, since demand and accumulations have stayed strong and signal greater buying power. Additionally, within the past 24 hours, trading volume increased by 150%.
Why The Increase In Price?
Following news that the Cross-Chain Interoperability Protocol (CCIP) has entered the Mainnet Early Access phase, the price of Chainlink’s native cryptocurrency, LINK, sharply increased.
According to Chainlink, a well-known provider of Web3 services, CCIP is now active on the Ethereum, Optimism, Polygon, and Avalanche blockchains. CCIP has already been implemented into well-known DeFi protocols like Synthetix and Aave to provide cross-chain smart contracts.
Will The Bullish Nature Continue?
Technical indicators have an optimistic slant when making price predictions, but other indications have a negative slant, reflecting conflicting emotions. The current value of the Fear & Greed Index is 56, which indicates that the market is quite neutral.
Chainlink has seen more than 30% growth over the past 30 days, indicating the possibility of a recovery in the future month. Chainlink’s value is predicted to increase by 114.08% by the end of July and settle at about $14.78.
The relative strength index (RSI) for the week displays a neutral value despite the price correction. RSI is a momentum indicator that traders use to decide whether to buy or sell an asset and to evaluate whether the market is overbought or oversold. An upward trend and a rating above 50 indicate that the bulls are still in the lead.
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