Famous Twitter analyst, CryptoBusy recently shed light on the potential trajectory of Chainlink ($LINK) in the crypto market. According to his insights, the coin is gearing up for a significant move in the coming months.
While the price action of Chainlink might seem standard on the regular chart, the Logarithmic chart paints a different picture. Technical analysis expert CryptoBusy points out that the Logarithmic indicates that $LINK is positioned for a massive move, potentially within the next 90 days.
What you'll learn 👉
Accumulation Zone: A Sign of Things to Come?
Chainlink’s price has been hovering within an accumulation zone for over 450 days. The longer it remains in this zone, the more significant the impending move, suggests the well-known trader.
Recent updates in the Chainlink ecosystem have caught the attention of many in the crypto community. One of the most notable is a report by Bank of America (@BankofAmerica) highlighting Chainlink’s pivotal role in asset tokenization and on-chain finance.
Furthermore, a partnership between SWIFT and Chainlink (@chainlink) aims to eliminate major obstacles hindering tokenized asset market growth. This collaboration enables these markets to scale globally as they mature.
Technical Advancements
Chainlink is at the forefront of facilitating the transition of tokenization in capital markets. As the technical analysis expert pointed out, Chainlink is:
- Enabling secondary markets to settle tokenized assets on any blockchain.
- Streamlining DvP (Delivery versus Payment) settlement workflows through atomic asset swaps.
- Ensuring synchronization between on-chain and off-chain systems.
These technical updates are not just advancements for Chainlink but are also laying the groundwork for other projects and companies to integrate into Chainlink’s ecosystem.
In the last 24 hours, Chainlink (LINK) has experienced a 1.30% decrease in its price, bringing its current value to $6.38 per coin. Despite the dip, the cryptocurrency remains active in the market with a 24-hour trading volume of $153,039,568.
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Show more +As for its market capitalization, it stands at $3,424,870,713, placing LINK at the 22nd rank by market cap. The coin has a circulating supply of 538,099,970 out of a maximum supply of 1,000,000,000. Additionally, LINK recorded a 24-hour high of $6.07 and a 24-hour low of $5.90 on August 31, 2023.
With these recent technical and fundamental updates, Chainlink is positioning itself as one of the most promising coins for the upcoming bull run.
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