Chainlink price remains under pressure, hovering above $13, after failing to reclaim the $15 resistance level. Despite recent developments, including TAO Ventures joining the Rubicon launch,
LINK price has struggled to break past $14. The Chainlink price crashed by over 50% from its August high of $27. This is close to the technical support zone and normally, strategic buyers. In the meantime, the wider crypto market has fallen 2.08% within the last 24 hours, fuelling worries about macroeconomic factors and institutional sales. The bearish movements of Bitcoin, Ethereum, and Solana also support a seven-day decline on the market of more than ten percent.
Chainlink CCIP Enables Cross-Chain Access for Bittensor
Chainlink has announced a new partnership with General TAO Ventures that will help launch Project Rubicon. The project transfers the Bittensor subnet alpha tokens onto the Base network using the Chainlink technology of the CCIP. The initiative is meant to increase safe cross-chain activity as well as provide better liquid staking opportunities.
Project Rubicon proposes the use of non-custodial liquid staking of subnet alpha tokens. The conversion converts the tokens into ERC-20 liquid staked assets called xAlpha. Such assets will be compatible with different decentralized finance systems and can cross chains through the bridging system of Chainlink.
Chainlink also ensured that the CCIP is currently running on Bittensor EVM. Such integration enables subnet alpha tokens to travel safely to Base and into DeFi protocols such as AerodromeFi. The developers have now been able to join the Bittensor ecosystem and start developing new cross-chain applications that are anchored on the infrastructure of CCIP.
Is Chainlink Price Ready To Recover Toward $20 Level?
The LINK price decreased to $13.31 after failing to sustain above the $14 support level, hinting at potential weakness.
Chainlink price is trading at around 13.03 after the trend has shown a steady decline, falling by 5% in the last 24 hours. The price has fallen below an important support area of between $14.00, which has become resistance, and it indicates that the bearish mood is prevailing in the short-run trends.
Chainlink price is facing resistance at $14.00, followed by stronger barriers at $15.00 and $16.00. A bullish breakout above these zones could set the stage for a significant upward move.
The technical projection shows a potential price target of $20.00, which represents a 50% rally from current levels, as the future Chainlink outlook. However, price must first reclaim and hold above the $14.00 mark to validate the bullish scenario.
Source: LINK/USD 4-hour chart: TradingviewThe MACD line is below the signal line, though converging. This is suggestive of weakening bearish momentum. The ADX (Average Directional Index) is 37. The ADX shows a strong trend is in play. However, as the price is dropping, the prevailing trend could be that of the bears unless a reversal is confirmed.
Source: https://coingape.com/markets/chainlink-price-poised-for-a-30-surge-after-tao-ventures-joins-rubicon-launch/
