ChainLink, the leading oracle network in the blockchain industry, is making significant strides in expanding its reach and offerings. Recently, the company unveiled its Cross-Chain Interoperability Protocol (CCIP), which has sparked enthusiasm among investors and blockchain enthusiasts. If you are planning to invest in ChainLink LINK and need a handful of knowledge, you are at the right place. Let’s check out the potential of ChainLink LINK in the UAE.
ChainLink’s Expanding Horizons
ChainLink plays a pivotal role in the blockchain ecosystem as the premier oracle network. Oracles act as bridges between off-chain data sources and on-chain smart contracts, providing vital information such as price feeds for decentralized and centralized exchanges. Over the years, ChainLink has been steadily growing its ecosystem, and its recent announcement regarding CCIP signifies its ambition to disrupt traditional finance.
The Cross-Chain Interoperability Protocol (CCIP) is designed to bridge the gap between traditional financial institutions and the blockchain. Initially, it will connect with blockchains such as Avalanche, Ethereum, Optimism, and Polygon. Early adopters of this groundbreaking protocol inсlude Synthetix and Aave.
As a result of this development, the price of LINK, ChainLink’s native token, surged to a high of $7.32, marking its highest level since April 26th. This impressive rally saw LINK gain more than 53% from its lowest point in June, outperforming prominent cryptocurrencies like Bitcoin and Ethereum.
LINK’s Dominance In The Oracle Space
ChainLink’s success is further evident when we look at its Total Value Secured (TVS), which stands at over $21.85 billion, making it the largest Oracle provider globally. Other notable oracle networks inсlude Chronicle, WINKLink, Pyth, TWAP, and RedStone. ChainLink’s growing TVS underlines its dominance and trust within the blockchain community.
ChainLink Price Prediction
ChainLink’s price has been on a strong bullish trend in recent days, with several key technical indicators favoring further gains. On the 4-hour chart, LINK has surged above both the 25-period and 50-period moving averages, a positive sign indicating the coin’s bullish momentum.
Additionally, a notable technical pattern has formed, a double-top pattern with a price peak at $7.30. In price action analysis, this pattern typically signifies a potential bearish reversal. The critical support level to watch is $6.50, which is approximately 6.50% below the current price. A bearish breakout from this level could pave the way for a downward movement in LINK’s price.
However, it’s essential to consider that cryptocurrency markets are highly dynamic and subject to various factors, including market sentiment and news developments. A bullish scenario could materialize if LINK manages to break above the double-top level of $7.30, potentially invalidating the bearish view.
Where To Buy ChainLink LINK
Now that you are aware of the potential of ChainLink LINK, the question is where to buy it. For the crypto traders in the UAE, there is no better option than XChanger. We are a trusted platform with robust security and a user-friendly interface designed to cater to both newcomers and seasoned investors.
Wrapping Up
ChainLink’s expansion into the traditional finance industry through its Cross-Chain Interoperability Protocol (CCIP) has created excitement in the cryptocurrency space, leading to a significant price surge for LINK. As investors and blockchain enthusiasts in the UAE explore the potential of ChainLink, soffers a reliable and accessible platform for purchasing LINK via AED bank transfer. So, get started today. Get yourself registered on our website to start trading and multiplying your assets.
