The post Chainlink Bridging TradFi, DeFi: Can LINK Price Break $15 Resistance? appeared on BitcoinEthereumNews.com.

Chainlink has been actively bridging the traditional finance (TradFi) and decentralized finance (DeFi) sectors, and with recent developments, LINK might be poised for gains in the long term. At the recent SmartCon 2024 event held in Hong Kong, industry experts delved into how Chainlink continued to integrate TradFi with DeFi. Zach Rynes highlighted the importance of this stage, stating how Chainlink’s growth and integration into institutional finance would contribute to the potential breakout. Chainlink has remained a central figure in connecting decentralized and traditional finance systems. It has not only provided tools for cross-market integration but also sustained a strong network through collaborations and events such as SmartCon. This sets the stage for the question—can LINK finally overcome its critical resistance now? Critical Moment for Chainlink as it Consolidates at $15 Chainlink’s weekly moving average chart illustrates several levels of resistance and support that have influenced its price action. LINK’s consolidation has brought it to a critical point around the $15 mark, setting up a potentially pivotal move. Most notably, LINK’s 200-week moving average at $15 has been a point of resistance. A breakthrough above this level could signal a significant uptrend for LINK. This resistance has held Chainlink’s price in check, acting as a ceiling for upward movements in recent months. With multiple moving averages converging, the pressure has built up for either a breakout or a retracement. Source: IntoTheCryptoverse LINK’s moving averages, the 8-week, 20-week and 50-week ,are all positioned to test a potential breakout. The convergence of these averages around the $15 range emphasizes the critical resistance level. The upcoming price movement would be influenced heavily by market sentiment, volume, and any institutional interest. Chainlink has already exhibited signs of potential upward momentum, and a successful breakthrough here could mean a rally towards $20. Potential Breakout from…

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Filed under: News - @ November 5, 2024 11:26 am