The crypto markets are consolidating as the Bitcoin price has been fighting the bearish heat since the early trading hours. Some altcoins have been stuck under bearish influence, while the Chainlink price demonstrates acute strength. The token has surged by over 5% since the early trading hours and is further believed to maintain a healthy upswing hereafter. Still, the question arises: whether the price will make it to $12 this month?
After a long wait, Chainlink has finally integrated with Bitcoin. It has an integrated Bitcoin layer-2 network called the Spiderchain, which aims to access Chainlink’s Oracle services and its cross-chain interoperability protocol (CCIP) to enable token transfers. Besides, the platform has also teamed up with 8 major players to launch an AI-powered initiative that tackles unstructured financial data.
The RWA tokens are gaining some momentum and hence the LINK price is believed to remain diverted from the broader market dynamics.
After the rebound from the lows, the LINK price has been trading within an ascending triangle and the latest rise could help the price reach the resistance zone between $12.63 and $12.9. The volume has remained consolidated within an average range that suggests enough participation of the market participants. Besides, the DMI, which was heading towards a bearish crossover, has triggered a bullish rebound, indicating a potential upward swing.
The Chainlink price is believed to maintain a healthy ascending trend for a few more days and surpass the pivotal resistance of around $13. However, until the levels rise above the 200-day MA, the bullish trend may not be validated. Therefore, the LINK price could remain accumulated for a while, followed by a decent ascending trend thereafter to reach $15 initially and later above $18 in the coming days.
