- Chainlink announced the upcoming launch of the CCIP for cross-chain communication.
- The oracle network also unveiled Keeper which is now live on Ethereum.
Oracle service provider Chainlink has announced the upcoming launch of the Cross-Chain Interoperability Protocol (CCIP) to seamlessly enjoy the benefits of independent blockchains. Chainlink unveiled the CCIP in a report published on the 5th of August.
The release mentioned the growing number of independent blockchain ecosystems, which has led to a rise in the multi-chain world. Chainlink further noted the challenges with developing cross-chain applications due to the issues with other existing cross-chain infrastructure. The oracle service provider explained:
For one, there is extensive fragmentation in token bridges and messaging protocols, most being application-specific services between two distinct chains. Additionally, many bridges are fairly centralized with weak security guarantees, lack transparent or reliable node operators, and drive costs and processing times for end-users. These limitations and vulnerabilities have already resulted in exploitation to the tune of tens of millions of dollars in funds lost, stunting cross-chain innovation.
Chainlink introduce CCIP
Chainlink said it plans to introduce CCIP to attend to the increasing demand of the ecosystem. Chainlink described the CCIP as an open-source standard for cross-chain communication. The Protocol is designed to create a universal connection between numerous blockchain networks, whether public or private.
In addition, the oracle service provider noted that the CCIP would block isolated tokens and generally support cross-chain applications for on-chain ecosystems. With the CCIP, smart contract developers will also enjoy a generalized infrastructure to transfer data and smart contact commands on blockchain networks.
The Protocol is about to go live after several years of research and developments in secure cross-chain technology. CCIP will run along with Chainlink’s anti-fraud bridge and monitor every transaction. CCIP will be managed by skilled scientists and world-class researchers and developers under the Chainlink Labs team. This will be led by chief scientist of Chainlink Labs, Ari Juels, and the vice president of engineering Chainlink Labs, Ben Chan. Chan is the architect of Wrapped Bitcoin token on Ethereum.
Separately, Chainlink has also unveiled “Chainlink Keepers” and anti-fraud blockchain bridges, to expand its services. While announcing Keepers during SmartCon, its annual event, Chainlink said that Keepers is a kind of feature that directs smart contracts on how to function. Already, the new feature is live on Ethereum and has been adopted by Synthetix, Aave PoolTogetherm Bancor, Alchemix, and Barnbridge.
Speaking on the use of Keeper for computation, Chainlink fonder Sergey Nazarov said:
A smart contract can’t know what time it is. It doesn’t have a conception of time. So if you want a smart contract to settle at midnight on Tuesday, you need a Keeper.
Nazarov added that Chainlink Keepers would be chosen from the existing pool of reliable node operators on the network. Furthermore, Chainlink plans to add more enterprise-grade Keepers to the network in the future.
Chainlink Price Show Signs Of Massive Rally! LINK Price Eyeing ATH?
The global crypto market capitalization is now $2.42 trillion, up 0.81 percent from the previous day. The overall crypto market volume over the last 24 hours has increased by 7.64 percent to $118.42 billion. Bitcoin is trading at $61,413.59, Ethereum at $3,771.36, and Cardano Price at $2.15.
Chainlink (LINK/USD) has staged a strong comeback over the last three days, rising from a low of 23.5 on October 12 to a high of 27.8 in just two days.
Chainlink Price rebound over the last month has been similar to that of most of its cryptocurrency rivals. When compared to its late-September lows of $20.8, the digital asset was selling at a 35 percent premium at press time. This number would arguably be increased if bulls had managed to break over the $28 resistance level. However, this has not yet been the case.
The price of Chainlink may rise on the 4-hour chart as the prior support level of $25.5 is challenged as resistance. Given that it has been tested numerous times and has shown good rebounds, a rebound from the previous support level of around $25.5 is extremely plausible. This would be a good way to counteract the LINK/USD decrease from yesterday.
Other bullish indicators, on the other hand, corroborate the idea of recovery. The RSI indicator is currently in an uptrend with no signs of slowing down. Furthermore, when it climbs into the green zone, the MACD indicator is giving good news too.
The coin’s trading volume has climbed 26.0 percent in the last week, while the overall circulating supply has increased 0.14 percent to over 458.01 million, accounting for 45.8% of the coin’s maximum supply of 1.00 billion. LINK is now ranked #15 in terms of market capitalization, with a value of $12.57 billion.
Chainlink Price analysis: Is bullish for the next 24 hours
- Chainlink price analysis is bullish today.
- LINK/USD saw a strong decline yesterday.
- Support was found at $25.5.
Today’s Chainlink price analysis is bullish, given that we anticipate a retracement following yesterday’s significant fall. As a result, $LINK/USD is likely to resume its ascent and reach the $26.5 mark after surpassing the previous support at $25.5.
Yesterday we saw LINK/USD start to decline significantly after failing to surpass $30. This downward movement found support at $25.5, and now we expect intense bullish activity as strong supports are often followed by rebounds, rallies, and price increases. The nearest resistance lines lie at $26.5 and $27, representing essential price levels to watch out for should LINK/USD start climbing again.
That being said, other bullish indications support our theory of a rebound. The RSI indicator, for instance, is currently showing an uptrend with no signs of slowing down. As well as this, the MACD indicator is bringing positive news as it moves into the green zone.
So far today, LINK/USD has seen a decrease in value of 0.3%. This decline has found support at the $26 level, which appears to be an important price point. However, should this not prove to be accurate and LINK/USD begins plunging again, then the next support level lies at $25.5, which is an area that we predict will strengthen significantly soon.
In summary, our Chainlink price analysis predicts a solid bullish run as most indicators hint towards this activity. Furthermore, no indications suggest the opposite, meaning that LINK/USD should start surging after finding support at $25.5.
LINK/USD 4-hour chart: LINK to retest $26.5 as resistance?
On the 4-hour chart, we may see the Chainlink price rise as the previous support level of $25.5 is challenged as resistance.
LINK/USD 4-hour chart. Source: TradingView
In mid-September, Chainlink’s price began to rise rapidly. After a seven-day climb from $22 to $28, a new significant swing high was established. The price of Chainlink is continuing to rise at the start of October.
The RSI indicator has moved into the positive region with an upward trajectory. As well as this, the MACD indicator is sending positive signals after moving into the green zone, which are both bullish indicators for LINK/USD, in our opinion.
A rebound from the previous support level at $25.5 is very likely, given that it has been tested multiple times and exhibited successful rebounds. This would be an effective strategy to counterbalance yesterday’s decline in LINK/USD
Therefore, we believe that today will bring good news for LINK/USD holders as the current price forecast predicts a continuation of bullish activity. As well as this, the bullish indicators accompanying our prediction suggest a significant increase in LINK/USD’s price with the possibility of retracing to $26.5 following a downward movement from the current level.
Chainlink Price Analysis: Conclusion
In sum, this would be an excellent opportunity for Link to break out of its ‘sideways channel.’ In order for that to happen, which we expect, we would need to see some solid buying pressure (ie. a push above $26)
Chainlink Price Analysis: Hidden Bullish Divergence Patterns Suggest Continuation of Move Upwards
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The FinTech platform offers alternative and high-yield crypto savings accounts crypto-backed lending with fiat secured crypto to fiat, and crypto to crypto conversions, with support for most of the top 30 cryptocurrencies which include BTC, ETH, UNI, SUSHI, LTC, and XLM, etc.
Another exciting Chainlink integration is with the Crypto Volatility Index [CVI], a decentralized transaction automation service for smart contracts.
By avoiding manual input or centralized processes, Chainlink keepers will automatically trigger supply rebase of the volatility token, helping the tokens maintain their peg.
The market fear index for the crypto market tracks the 30-day implied volatility of Bitcoin and Ethereum.
Let’s advance to the price chart for an overview of how these events impact the LINK price.
Chainlink (LINK) Weekly Chart Analysis
The LINKUSDT has been setting higher peaks and troughs and gained about 1397.33% since the price broke above bearish inside bar resistance [2.62] on 06 April ’20.
An all-around slump in crypto market cap saw the LINKUSDT enter the oversold area [level-25] and triggers a hidden bullish divergence pattern.
The recent bear trap candlestick pattern that followed an exit of an overbought area prepares the LINKUSDT for an incoming impulse wave that could see the price racing beyond the $35 mark.
Chainlink (LINK) Daily Chart Analysis
The RSI exit of the oversold area [level-25] first confirms the price bottom for the uptrend on the daily time frame and sets support at 20.82
A recent hidden bullish divergence pattern alongside a breakout of bearish inside bar resistance [25.27] on the daily time frame shows that the LINK price has a high likelihood of hitting the 36.33 resistance.
Chainlink (LINK) 4 Hr Chart Analysis
The LINK price quickly recovers from a 13.5% price slump triggered by a series of bearish divergence signals on 03 Oct 16:00 and 09 Oct 16:00.
Buyers who entered at the bear trap signal and break out of bearish inside bar resistance on 12 Oct 04:00 and 12:00 quickly lock in their gains as the LINK price hit the 27.89 resistance of 09 Oct 16:00.
We can expect the upswing to continue if the RSI dips below and exits the level-25, followed by a breakout above the 27.89 resistance. However, a price breakdown below the 23.53 support would mean the bears have assumed control with lower price levels to come.
Chainlink (LINK) Intraday Levels
- Spot rate: 26.42
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $23.53 and $24.71
- Resistance: $27.89 and $36.33