Chainlink, ICE Partnership Fuels LINK Rally Toward $30.55
- Chainlink collaborates with ICE to bring in trusted market data on-chain.
- Price has now broken Fibonacci levels and is now targeting $30.55.
- LINK’s bullish case is supported by rising volume and open interest.
Chainlink has announced a partnership with Intercontinental Exchange. The price of LINK is currently on a boom targeting a Fibonacci extension level of $30.55.
ICE-Chainlink Integration Bring Trusted Market Data On-Chain
Chainlink has revealed a big collaboration with the Intercontinental Exchange (ICE). Hence, it intends to offer onchain data on forex and precious metals. As the New York Stock Exchange parent, ICE provides vital financial data utilized by banks and asset managers all over the world.
The combination of the Consolidated Feed by ICE with Chainlink introduces a new level of transparency and expertise to blockchain networks. Hence, institutions can get access to credible blockchain-based market data.
Institutions will now gain access to secure and credible blockchain-based market data. According to ICE Vice President Maurisa Baumann, the collaboration will deliver structured multi-asset class data in on-chain markets.
She further stressed that making quality financial information more widely available is one of the essential measures to develop the blockchain economy.
This is considered one of the significant milestones in on-chain finance. It is estimated that the demand related to the tokenization of real-world assets will reach $30.1 trillion. This will enable institutions to dominate the digital asset field.
The partnership will enable Chainlink to pursue the launch of data standards. This will help fulfill the needs of legacy capital markets and support the next generation of institutional-quality blockchain applications.
The Chainlink Data Streams will be supported by ICE alongside other high-quality providers. It will be made available to both established institutions and the Web3 innovators, providing access to secure and real-time data. The collaboration is an indication of the growing pace toward mainstreaming blockchain-based financial services.
Fib and VWAP Levels Indicate LINK’s Path to $30.55
Fibonacci retracement levels can be found immediately at the level of $25.40. $24.70 acts as the support level with $26.72 as the next resistance. The VWAP is well positioned at the $25.43 region following consistent institutional support.
The onset of the uptrend in Chainlink occurred in July. It has been gaining momentum till date, reflecting the renewed confidence in the project. If bulls manage to maintain control above $25.40, a move above $26.70 will likely pave the path towards $30.55.
Fib. and MACD. Source: TradingView
Also Read | Chainlink Cup and Handle Signals Explosive Breakout Toward $30
MACD and RSI Display Rally Strength
The same bullish theme is being sung by momentum indicators. The MACD has been positive overall and the blue line has remained above the signal line. Also, the RSI stands at 65, indicating that LINK is not in overbought territory.
The wider technical outlook suggests that LINK is trending up with still sufficient momentum to work through stronger resistances. This combination of technical pattern and bullish strength provides investors with confidence that LINK has more upside potential. A clean close above $27 may cause a breakout and a test of that $30.55 level.
MACD and RSI. Source: TradingView
Chainlink OI and Volume Explode
In the derivatives market, open interest (OI) is already up to approximately $1.75 billion. This is an increase of more than 15% in the space of a couple of trading sessions. The OI increased due to a surge in capital flowing to futures contracts.
The trading volume has also risen by almost 7.73%, amounting to $6.35 billion. Such a wave of activity deepens the market and lowers slippage even further. Thus, it makes LINK even more appealing to retail and institutional traders.
The LINK rally is a combination of fundamentals and technicals that could spur a continued token rise. Thus, LINK is expected to either maintain current levels or even rise further. Thus, the long-anticipated $30.55 level may happen sooner than expected.
Source: Coinglass
Also Read | Chainlink (LINK) Breaks $26 for First Time in 7 Months, Eyes $30 Resistance Next
