This week Chainlink (LINK) became one of the tokens that is surging, aiming for a possible breakout above $13.
The cryptocurrency was on an 8-day high on October 30 reaching $12.01 before stabilizing around $11.99, following a 5% increase in the previous 24 hours. This boosted the confidence of crypto investors who are buying the token despite a 1% decline in trading volume, resulting in the Chainlink price dipping to $10.70.
This uptick in LINK was due to market resurgence in the preceding 48 hours which coincides with Chainlink collaborating with the HBAR Foundation. This strategic tie-up will enhance the interoperability of Chainlink’s decentralized applications (dApps) on the Hedera network as it integrates LINK’s data feeds and Cross-Chain Interoperability Protocol (CCIP) with the Hedera Testnet via Chainlink Scale. This framework empowers Hedera developers with cross-chain capabilities and reliable data.
While this is happening, the crypto market has developed bullish sentiments for LINK as 86% of holders are hopeful about the token’s long-term potential. The price charts of Chainlink display an ascending triangle pattern with a chance of a breakout if the token rises above the $15 resistance level.
Crypto analysts are confident that LINK will overcome the $13 barrier to surge towards the $18 mark, resulting in a 40% spike from the breakout point.
Monthly net outflow data of Chainlink from crypto exchanges show that holders prefer long-term accumulation even in the wake of short-term profits. LINK had 662,220 net outflow in the last 30 days which suggests the market is confident about the token's future. With partnerships with BNB Chain and Swift, Chainlink's utility in the DeFi landscape will increase, positioning itself for potential growth. So, investors are keeping an eye on the $13 mark to understand if the token maintains its momentum.
As of November 1 morning, Chainlink is trading at $11.36, down nearly 6% in the last 24 hours while its trading volume has decreased 10.86% to stand at $276.37 million. The token’s market capitalization has declined by 5.98% to reach $7.12 billion.