Chainlink price prediction as the total value secured hits $23.5B
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Chainlink (LINK) price staged a strong performance recently as its Total Value Secured (TVS) jumped and after more progress on tokenisation. The token jumped to a high of $17.12, its highest point since April 12th. It has soared by about 240% from its lowest swing in 2023.
Tokenisation and DeFi TVS
Chainlink, the biggest oracle in the blockchain industry, is doing well as investors focused on its key tokenisation features.
Just last week, the Depository Trust and Clearing Corporation (DTCC) completed its pilot program among several companies like Blackrock, Franklin Templeton, BNY Mellon, and Edward Jones.
The pilot program was powered by Chainlink, which provided oracle features that act as a bridge between blockchains and the outside world. These networks can transform data from outside sources and make them available to the blockchain industry.
Chainlink has become a major player in the oracle industry. For example, the developers are working with the Swift Network, an organisation that handles transactions worth over $1 trillion each day.
Analysts believe that Chainlink will have a big role to play in the tokenisation industry, which is expected to continue growing. For example, Ondo Finance, has attracted over $434 million in assets while Securitize has added over $800 million in assets.
Meanwhile, Chainlink’s total value secured (TVS) has jumped to over $23.5 billion, its highest point in over a week. Most of these gains have come from blockchains like Aave, Morpho Aave, and Spark.
The LINK token is also rising as other cryptocurrencies continued rebounding. Bitcoin has soared to over $66,000 while other tokens like Arweave, Floki, and Pepe have all jumped by double-digits.
Chainlink price forecast
The daily chart shows that the LINK price bottomed at $11.94 on April 13th and has now rebounded to over $17.12. It has crossed the important resistance point at $16.07, its highest swing on April 22nd and the 38.2% Fibonacci Retracement point.
The token has also crossed the 100-day and 50-day Exponential Moving Averages (EMA) and the first support of the Andrew’s pitchfork tool. Other oscillators like the MACD and the Relative Strength Index (RSI) have pointed upwards.
Therefore, because of the triple-bottom pattern at $12.75, there is a likelihood that the token will continue rising. If this happens, the next point to watch will be the 23.6% retracement point at $18.70.
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