Chainlink Facing Strong Rejection From Profit-Taking, Will CCIP Recharge Demand?
2024年3月27日 - 12:00AM
NEWSBTC
One analyst on X notes that Chainlink is facing a
tug-of-war between bullish momentum and strong upside resistance
from profit-taking traders. For bulls to add to their longs and
extend the uptrend, the existing oversupply must be moped, paving
the way for more gains above immediate liquidation levels.
Profit Taking Slowing Down LINK Bulls Looking at the LINK price
action in the daily chart, it is clear that buyers have the upper
hand. Bulls have been relentless since the token bottomed out in
September 2023. Related Reading: Triple-Digit Gains: Ondo
Finance (ONDO) Explodes 138% — Should You Invest? Since then, LINK
has doubled, even breaking above the psychological round number at
$20. At press time, buyers are still in control, snapping back to
trend despite the market-wide cool-off after Bitcoin crashed last
week. LINK is within a broader range, with clear caps at
around $17.9 on the lower end and $21.7 on the upper end. After
protracted expansion from September, the emergence of a ranging
market could suggest that traders are exiting their positions,
slowing down the uptrend. This has been confirmed by on-chain data
that the analyst tagged, explaining the recent slowdown. Indeed,
on-chain data suggests investors have been cashing in on the recent
expansion. As a result, the excess supply needs to be absorbed by
the market before LINK Bulls builds enough momentum to drive the
coin to new 2024 highs above $21.8. Chainlink CCIP Adoption
To Recharge Demand? Despite the short-term headwinds, Chainlink
bulls are banking on the widespread adoption of the Chainlink
Cross-Chain Interoperability Protocol (CCIP) as a demand catalyst.
CCIP is critical for blockchain interoperability. The solution
allows secure communication between smart contracts of linked
blockchains and external data sources. CCIP has been adopted by,
among others, Metis, a layer-2 scaling solution for Ethereum.
Circle, the issuer of USDC, a stablecoin, is also leveraging the
platform to enhance interoperability. Related Reading: Hold Onto
Your Seats: XRP Primed For 90% Rally, According To Top Analyst
Recent data shows a surge in CCIP revenue, pointing towards
increased adoption of this multichain bridging platform. As of
March 26, Dune Analytics data shows that the CCIP has
generated over $484,000 in revenue. This figure will likely
increase as CCIP finds adoption and Chainlink integrates with even
more protocols, businesses, and blockchains. Still, the pace
at which LINK breaks above March highs and registers fresh 2024
highs will also demand the performance of other coins, including
Bitcoin and Ethereum. A resurgent BTC could draw more capital,
lifting altcoins, including LINK, in the process. Feature image
from Shutterstock, chart from TradingView
TRON (COIN:TRXUSD)
過去 株価チャート
から 3 2024 まで 4 2024
TRON (COIN:TRXUSD)
過去 株価チャート
から 4 2023 まで 4 2024