Chainlink (LINK) Price Movement Analysis, Can It Grow Faster?

Bittime - Chainlink (LINK) price showed a brilliant performance recently, driven by two main factors namely Increase in Total Value Secured (TVL) and Tokenization Progress.

As a result of these two factors, LINK price surged to a high of $17.12, the highest since April 12.

This increase signals strong bullish performance, with an increase of around 240% from the low point reached in 2023.

Chainlink (LINK) Total Value Secured (TVL) Increase

Chainlink, a leader in the blockchain oracle space, recorded stellar performance driven by investor interest in its innovative tokenization feature.

Recently, the Depository Trust and Clearing Corporation (DTCC) successfully completed a pilot program involving well-known financial giants such as Blackrock, Franklin Templeton, BNY Mellon, and Edward Jones.

Chainlink has dominated the oracle industry, as evidenced by its developers' collaboration with Swift Network, an organization that processes trillions of dollars worth of transactions per day.

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Chainlink Plays an Important Role in the Growth of the Tokenization Industry

Analysts predict a big role for Chainlink in the booming tokenization industry. As proof, Ondo Finance has attracted more than $434 million in assets, while Securitize listed more than $800 million in assets.

Chainlink's Total Value Secured (TVS) soared to over $23.5 billion, hitting its highest point in more than a week. This increase is largely driven by blockchains such as Aave, Morpho Aave, and Spark.

Also read: Ethereum ETF 19b-4 Application Will Be Approved, but Public Launch Still Long

Current LINK Token Price

The LINK token also experienced a decline of -0.48% in the last 24 hours despite other crypto assets experiencing a revival. Bitcoin surged to over $66,000, while other tokens such as Arweave, Floki, and Pepe saw double-digit gains.

Chainlink (LINK) Price Movement Analysis

LINK price shows a positive trend in its daily chart after hitting a low of $11.94 on April 13, LINK has bounced back and breached the $17.12 mark. This move signals significant progress beyond several important resistance points.

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Crossed resistance point

• $16.07: Is the high point on April 22 and also the 38.2% Fibonacci Retracement level.
• 100-day and 50-day EMA: A moving average indicator that shows short- and medium-term price movements.
• First support from Andrew's Pitchfork Tool : A graphic tool used to identify potential support and resistance levels.

Other Technical Indicators Show Positive Signals

• MACD: A momentum indicator that shows the trend direction and its strength. MACD upward movement indicates a bullish trend.
• RSI (Relative Strength Index): A momentum indicator that measures the speed and magnitude of price movements. The RSI moving upwards indicates that the price is likely to continue rising.

Overall, LINK price movement in the daily chart indicates a bullish outlook. A breakout of the resistance level and positive technical indicators signal the potential for further price increases in the near future.

Based on the triple-bottom pattern formed at the $12.75 level, there is a strong chance for the token to continue its upward trend. If this scenario materializes, the next important point to watch is the 23.6% retracement level at $18.70.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.  

To be able to buy crypto assets on  Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn  Complete Guide How to Buy Crypto on Bittime . 

Monitor price chart movements of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.