- Chainlink crypto price has made a strong recovery recently.
- It formed a double-bottom pattern on the 4H chart.
- Chainlink has become the gold standard in tokenization.
Chainlink price has been one of the best-performing cryptocurrencies this week. LINK jumped to a high of $6.8 on Monday, the highest level since August 17th. It has soared by more than 17% from the lowest level this year.
Chainlink ecosystem growth
Chainlink has become one of the most important players in the blockchain industry. Its oracles power the decentralized finance (DeFi) industry, where they provide accurate price feeds. Over the years, Chainlink has outperformed other oracles like Band Protocol and WINKLink.
Chainlink is now moving beyond DeFi and taking a leading role in other important industries. For example, many companies are now embracing Chainlink as the world embraces the concept of tokenization.
Chainlink’s tokenization is being powered by its Cross-Chain Interoperability Protocol (CCIP). This is an important technology that enables users to send cross-chain messages, build cross-chain applications, and enable cross-chain real-world assets.
Read more: Here’s how to buy Chainlink.
Chainlink is working with Swift, the giant organization that powers international finance. The organization handles billions of transactions every day since it connects most banks around the world.
Chainlink has also been used by ANZ Bank, which enabled its first cross-chain purchase of tokenized assets with its internal stablecoin. It was also used by the Depository Trust and Clearing Corporation, a major player in finance.
Chainlink price also jumped as the CEO addressed the thousands of people who attended the Sibos Summit in Canada and as Bitcoin jumped to $27,000.
Chainlink price forecast
LINK price also jumped for technical reasons. As shown above, the coin formed a double-bottom pattern at $5.73, the lowest level on September 11th and August 31st. In price action analysis, this pattern is one of the most bullish chart patterns.
It has now bounced back and moved above the neckline of the double-bottom at $6.45, the highest point on September 7th. The coin has jumped above the 25-day and 50-day moving averages. It has risen to the 38.2% Fibonacci Retracement level.
Therefore, the outlook for the Chainlink price is bullish, with the next level to watch being at $7.09, the 50% retracement level. This price is about 5% above the current level.
