Chainlink price bounced back after falling to a weekly low of $19.58 on Monday. The LINK token rose to $24, which was about 195% above the year-to-date low of $8.135.
Chainlink partnerships continue
Chainlink, the biggest oracle network in crypto, has received some of the biggest partnerships in the industry. On Tuesday, the network was selected by Coinbase, the biggest American crypto exchange.
The partnership is for its cross-chain interoperability protocol (CCIP), which will power its tokenized assets platform. This is a big deal because Coinbase serves millions of retail customers and hundreds of institutional clients in the sector.
Chainlink also partnered with Ronin, a leading blockchain network, to incorporate its CCIP tool. Another notable partnership was with Emirates NBD, a bank with over $260 billion in assets.
It will use Chainlink’s technology to boost the adoption of digital assets in the Middle East. This partnership happened after Chainlink established an entity in the region under the supervision of the Abu Dhabi Digital Markets regulator.
Chainlink’s biggest partnership is with Swift, a society mostly owned by over 11,500 institutions worldwide. Swift handles over $150 trillion worth of assets each year and is working to incorporate Chainlink into its network.
Just recently, Chainlink, Swift, and UBS completed a pilot to facilitate tokenized fund settlements. The three organizations hope that Chainlink will be a key backbone for the financial services industry in the future.
Chainlink is also benefiting from the robust nature of the DeFi industry, as its total secured value has jumped to over $39 billion. This figure is significantly higher than that of the next fifteen Oracle providers combined.
Chainlink price forecast
The daily chart above shows that the LINK price crashed to a low of $19.58 on Monday. It then formed a doji candle, which is made up of a small body and two long shadows. The doji implies that an asset opened and closed at almost the same price and is a popular reversal sign.
Chainlink price has risen above the key resistance point at $22.85, its highest swing on March 11. It also formed a golden cross pattern on November 22. It has also formed what looks like a cup-and-handle pattern whose depth is 65%.
Therefore, the outlook for the LINK price is bullish, with the next point to watch being at $50. This view will become invalid if the coin drops below this week’s low of $19.58.
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