Chainlink (LINK) has stabilized between $12 and $13 after a recent decline. Despite market ups and downs, this mid-cap altcoin, worth about $15 billion, has bounced back by over 6% in the last two weeks, trading around $14.8 in early New York trading on Monday.
However, bullish sentiments have been dampened by ongoing regulatory actions from the United States Securities and Exchange Commission (SEC). In the latest development, the SEC issued a Wells notice to Robinhood Markets concerning its cryptocurrency operations.
Chainlink (LINK) Primed for New All-Time High, Analyst Predicts
According to renowned crypto analyst Michaël van de Poppe, Chainlink (LINK) is gearing up for a surge to a new all-time high (ATH) following a successful retest of a bullish breakout against the U.S. dollar. Van de Poppe highlights that the LINK price has recently been testing its cycle bottom against Bitcoin (BTC).
#Chainlink does a retest at cycle low.
That's not when you want to start selling your positions. pic.twitter.com/ATeqM8QbCB
— Michaël van de Poppe (@CryptoMichNL) May 6, 2024
As per Poppe’s analysis, once the LINK price breaks out of a horizontal consolidation phase in the upcoming weeks, the altcoin could potentially experience a nearly 10x rally. To sustain this upward momentum, LINK must consistently close above the $18 mark, indicating a strong bullish trend against the US dollar.
Chainlink: Empowering Web3 with Cross-Chain Interoperability
The Chainlink network has evolved into a significant web3 platform, thanks to its cross-chain interoperability protocol (CCIP). This protocol facilitates the smooth tokenization of real-world assets, establishing Chainlink as a reputable player in the industry.
Utilizing Chainlink oracle data sets, numerous web3 platforms like AAVE and Synthetix have enhanced their operations. Notably, the Chainlink network boasts facilitating over $10 trillion in transactions, showcasing its widespread adoption and impact within the ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
