Chainlink (LINK) is hovering around $9.38 at the time of writing on Thursday. This comes as crypto investors are bravely dealing with the Middle East war, with the United States (US) and Israel stepping up attacks on Iran and causing panic in the global markets.
Despite the growing uncertainty amid the war, crypto prices have remained stable, as reflected by Chainlink’s stability above $9.00. However, it appears that the Oracle token is facing resistance at $10.00, confirming range-bound momentum with support at $8.00.
Chainlink eyes Visa-led cross-border payments
Visa, in collaboration with ANZ, ChinaAMC and Fidelity International, has completed a cross-border settlement pilot using the Chainlink oracle protocol, a system that connects blockchain to external data sources. The agreement made use of the Hong Kong Monetary Authority’s e-HKD program, a project to offer a digital version of the Hong Kong dollar. This enabled Chainlink to transfer regulated digital assets in a secure, automated, real-time environment.
Chainlink said its protocol has played a key role in solving cross-border transfers between ANZ’s private DASChain and the public Ethereum Sepulia network. The protocol’s data, interoperability, and compliance standards are critical to addressing the challenges facing institutional-grade smart contracts.
Chainlink said on
According to Chainlink, the cross-border settlement solution indicates that additional capabilities are needed for institutional smart contracts to operate in global markets. These include trusted data sources, cross-chain interoperability, privacy, and built-in compliance.
Technical Outlook: Chainlink enjoys major support
Chainlink is range bound between support at $8.00 and resistance at $10.00. Oracle token’s near-term bias is cautiously bullish, with the Moving Average Convergence Divergence (MACD) indicator on the daily chart above its signal line. The green histogram bars are expanding, prompting traders to increase exposure.
The Relative Strength Index (RSI) on the same chart is around 53 indicating mild bullish pressure rather than overbought conditions. Nevertheless, the LINK spot price remains well below the 50-day, 100-day and 200-day exponential moving averages (EMA), which are clustered between $10.00 and $13.53. All three moving averages are turning lower, suggesting the broader structure remains corrective despite a short-term correction.
Immediate resistance lies with the falling trend line and the 50-day EMA at $10.00. A daily close above this confluence supply zone would open at the 100-day EMA at $11.52 and then the 200-day EMA at $13.53. On the downside, initial support appears at $9.08, the daily low, protecting against a deeper decline toward Thursday’s $8.68 trough and $8.00 range support.
As long as LINK holds above $9.08 and puts pressure on the descending trend line, the risks are tilted towards an eventual break to the top rather than a fresh slide towards the recent range bottom.
Bitcoin, Altcoins, Stablecoins FAQ
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to be used as money. This form of payment cannot be controlled by any one person, group or entity, which eliminates the need for third party involvement during financial transactions.
Altcoins are any cryptocurrency other than Bitcoin, but some people also consider Ethereum a non-altcoin because of the forking of these two cryptocurrencies. If this is true, then Litecoin is the first altcoin built from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, their value backed by the reserve of the asset it represents. To achieve this, the value of a stablecoin is pegged to a commodity or financial instrument, such as the US dollar (USD), whose supply or demand is controlled by an algorithm. The main goal of stablecoins is to provide on/off-ramps for investors looking to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value as cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of the market capitalization of Bitcoin to the total market capitalization of all cryptocurrencies. This provides a clear picture of the interest in Bitcoin among investors. High BTC dominance typically occurs before and during bullish rallies, with investors resorting to investing in relatively stable and high market capitalization cryptocurrencies like Bitcoin. A decline in BTC dominance usually means that investors are moving their capital and/or profits into altcoins in search of higher returns, which usually triggers the explosion of altcoin rallies.
(The technical analysis for this story was written with the help of AI tools.)
