{"id":599771,"date":"2024-03-26T15:00:28","date_gmt":"2024-03-26T15:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=599771"},"modified":"2024-06-11T07:44:49","modified_gmt":"2024-06-11T07:44:49","slug":"chainlink-facing-strong-rejection-from-profit-taking-will-ccip-recharge-demand","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/chainlink\/chainlink-facing-strong-rejection-from-profit-taking-will-ccip-recharge-demand\/","title":{"rendered":"Chainlink Facing Strong Rejection From Profit-Taking, Will CCIP Recharge Demand?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">One analyst on X\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/upsidedowndata\/status\/17594708\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Chainlink is facing a tug-of-war between bullish momentum and strong upside resistance from profit-taking traders. For bulls to add to their longs and extend the uptrend, the existing oversupply must be moped, paving the way for more gains above immediate liquidation levels.\u00a0<\/span><\/p>\n<figure id=\"attachment_599774\" aria-describedby=\"caption-attachment-599774\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-599774\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?resize=1024%2C697\" alt=\"LINK profit taking | Source: Analyst on X\" width=\"1024\" height=\"697\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?w=1085 1085w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/GJh8gZkWUAEgv1s.jpg?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-599774\" class=\"wp-caption-text\">LINK profit taking | Source: Analyst on X<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Profit Taking Slowing Down LINK Bulls<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Looking at the LINK price action in the daily chart, it is clear that buyers have the upper hand. Bulls have been relentless since the token bottomed out in September 2023.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/triple-digit-gains-ondo-finance-ondo-explodes-138-should-you-invest\/\" target=\"_blank\" rel=\"noopener \">Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% \u2014 Should You Invest?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Since then, LINK has doubled, even breaking above the psychological round number at $20. At press time, buyers are still in control, snapping back to trend despite the market-wide cool-off after Bitcoin crashed last week.\u00a0<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/GgIuYHpj\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/GgIuYHpj\/\" alt=\"Chainlink prices trending upward on the daily chart | Source: LINKUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Chainlink prices trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/GgIuYHpj\/\" target=\"_blank\" rel=\"noopener nofollow\">LINKUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">LINK is within a broader range, with clear caps at around $17.9 on the lower end and $21.7 on the upper end. After protracted expansion from September, the emergence of a ranging market could suggest that traders are exiting their positions, slowing down the uptrend.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This has been confirmed by on-chain data that the analyst tagged, explaining the recent slowdown. Indeed, on-chain data suggests investors have been cashing in on the recent expansion. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As a result, the excess supply needs to be absorbed by the market before LINK Bulls builds enough momentum to drive the coin to new 2024 highs above $21.8.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">\u00a0Chainlink CCIP Adoption To Recharge Demand?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the short-term headwinds, Chainlink bulls are banking on the widespread adoption of the Chainlink Cross-Chain Interoperability Protocol (<a href=\"https:\/\/ktsl888.com\/altcoin\/chainlink-ccip-goes-live-on-mainnet-link-jumps-by-nearly-10\/\" target=\"_blank\" rel=\"noopener \">CCIP<\/a>) as a demand catalyst. CCIP is critical for blockchain interoperability. The solution allows secure communication between smart contracts of linked blockchains and external data sources.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CCIP has been adopted by, among others, Metis, a layer-2 scaling solution for Ethereum. Circle, the issuer of USDC, a stablecoin, is also leveraging the platform to enhance interoperability.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/xrp\/hold-onto-your-seats-xrp-primed-for-90-rally-according-to-top-analyst\/\" target=\"_blank\" rel=\"noopener \">Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Recent data shows a surge in CCIP revenue, pointing towards increased adoption of this multichain bridging platform. <\/span><span data-preserver-spaces=\"true\">As of March 26, Dune Analytics data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dune.com\/linkpool\/chainlink-ccip\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the CCIP has generated over $484,000 in revenue. This figure will likely increase as CCIP finds adoption and Chainlink integrates with even more protocols, businesses, and blockchains.\u00a0<\/span><\/p>\n<figure id=\"attachment_599773\" aria-describedby=\"caption-attachment-599773\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-599773\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?resize=1024%2C335\" alt=\"CCIP revenue | Source: Dune Analytics\" width=\"1024\" height=\"335\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=1350 1350w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Screenshot599.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-599773\" class=\"wp-caption-text\">CCIP revenue | Source: Dune Analytics<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Still, the pace at which LINK breaks above March highs and registers fresh 2024 highs will also demand the performance of other coins, including Bitcoin and Ethereum. A resurgent BTC could draw more capital, lifting altcoins, including LINK, in the process.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One analyst on X\u00a0notes\u00a0that Chainlink is facing a tug-of-war between bullish momentum and strong upside resistance from profit-taking traders. For bulls to add to their longs and extend the uptrend, the existing oversupply must be moped, paving the way for more gains above immediate liquidation levels.\u00a0 Profit Taking Slowing Down LINK Bulls Looking at the LINK price action in the daily chart, it is clear that buyers have the upper hand. Bulls have been relentless since the token bottomed out in September 2023.\u00a0 Related Reading: Triple-Digit Gains: Ondo Finance (ONDO) Explodes 138% \u2014 Should You Invest? Since then, LINK has doubled, even breaking above the psychological round number at $20. At press time, buyers are still in control, snapping back to trend despite the market-wide cool-off after Bitcoin crashed last week.\u00a0 LINK is within a broader range, with clear caps at around $17.9 on the lower end and $21.7 on the upper end. After protracted expansion from September, the emergence of a ranging market could suggest that traders are exiting their positions, slowing down the uptrend. This has been confirmed by on-chain data that the analyst tagged, explaining the recent slowdown. Indeed, on-chain data suggests investors have been cashing in on the recent expansion. As a result, the excess supply needs to be absorbed by the market before LINK Bulls builds enough momentum to drive the coin to new 2024 highs above $21.8. \u00a0Chainlink CCIP Adoption To Recharge Demand? Despite the short-term headwinds, Chainlink bulls are banking on the widespread adoption of the Chainlink Cross-Chain Interoperability Protocol (CCIP) as a demand catalyst. CCIP is critical for blockchain interoperability. The solution allows secure communication between smart contracts of linked blockchains and external data sources. CCIP has been adopted by, among others, Metis, a layer-2 scaling solution for Ethereum. Circle, the issuer of USDC, a stablecoin, is also leveraging the platform to enhance interoperability. Related Reading: Hold Onto Your Seats: XRP Primed For 90% Rally, According To Top Analyst Recent data shows a surge in CCIP revenue, pointing towards increased adoption of this multichain bridging platform. As of March 26, Dune Analytics data\u00a0shows\u00a0that the CCIP has generated over $484,000 in revenue. This figure will likely increase as CCIP finds adoption and Chainlink integrates with even more protocols, businesses, and blockchains.\u00a0 Still, the pace at which LINK breaks above March highs and registers fresh 2024 highs will also demand the performance of other coins, including Bitcoin and Ethereum. A resurgent BTC could draw more capital, lifting altcoins, including LINK, in the process. Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":560899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[88484,16295,79580,16097,87890,79480],"class_list":["post-599771","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-ccip","tag-chainlink","tag-chainlink-price","tag-link","tag-link-bulls","tag-linkusdt"],"acf":[],"yoast_head":"\n<title>Chainlink Facing Strong Rejection From Profit-Taking, Will CCIP Recharge Demand?<\/title>\n<meta name=\"description\" content=\"Chainlink is facing strong rejection partly due to profit-taking. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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