Bullish Indicators Suggest Potential Rebound for Chainlink’s LINK
The post Bullish Indicators Suggest Potential Rebound for Chainlink’s LINK appeared on BitcoinEthereumNews.com.
Chainlink’s native token (LINK) is showing signs of a price reversal and potential short-term growth. Chainlink’s Proof of Reserves enhances security and transparency for various crypto assets and stablecoins. In the middle of a price decline, Chainlink’s native token (LINK) has shown signals of price reversal and is expected to rise in the short term. On-Chain Analysis and Bullish Indicators Suggest Potential LINK Rebound In a tweet, on-chain analyst Ali Martinez shared a 4-hour timeframe chart of LINK, with the TD Sequential indicator presenting a buy signal, indicating a potential rebound. In general, a bullish signal from the TD Sequential can result in an upward-moving candle within the next 1–4 candles. Source: Ali Martinez on X Technically, the $13 level is an important breakthrough mark for confirming the strength of the bullish trend on the LINK token. At the time of writing, LINK is trading at roughly $12.85, down 2.54% over the last 24 hours, and is the 16th largest cryptocurrency by market cap, worth $7.812 billion. On the other hand, we previously reported Babypie, a liquid staking solution for Bitcoin that has integrated five Chainlink products, the first of which is Functions, which helps validate user signatures and Bitcoin transactions. Babypie will also use CCIP to connect to other networks, such as BNB Chain, Base, and Arbitrum. CNF has also highlighted that Chainlink’s Proof of Reserves (PoR) improves security and transparency for Wenia’s Colombian Peso stablecoin. In response to these developments, Chainlink co-founder Sergey Nazarov remarked that Proof of Reserves promotes openness and security. It publicly displays the reserves supporting a stablecoin and ensures that no new coins are generated until the reserves in the off-chain world or bank account equal the newly minted coins. This generates a more secure RWA/Stable coin. He further stated: “I think we will be…
Filed under: News - @ August 1, 2024 4:16 pm