Altcoin Chainlink was a breeze in the cryptocurrency world in October. Accordingly, an increase of approximately 50% attracted attention. Now, it is expected that a similar increase will occur in November. Let’s look at the details.
Altcoin Chainlink Rally
Altcoin Chainlink will have a reason for the price rally. It is likely to be catalyzed by the adoption of CCIP by a Hong Kong-based financial services institution. Accordingly, sixteen companies participated in the first phase trial of the e-Hong Kong dollar CBDC by the Hong Kong Monetary Authority. Chainlink’s collaboration with financial firms in the trial powers cross-chain atomic settlement of tokenized funds.
There is significant success for Chainlink, the token of a decentralized Blockchain oracle network. Accordingly, blockchain is likely to get a boost from its adoption by financial institutions in Hong Kong. On the other hand, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) technology is being used for value exchange in Hong Kong’s Central Bank Digital Currency (CBDC) trials.
Will the development bring a new rally in November?
The Hong Kong Monetary Authority (HKMA) has launched the first phase of eCBDC trials for the e-Hong Kong Dollar. Arta, a financial institution, announced its collaboration with Blockchain company Chainlink. Arta demonstrated how e-Hong Kong Dollar can be used for programmable payments and atomic settlement of tokenized funds.
Altcoin LINK was key to the show as its CCIP technology was used for cross-chain atomic settlement of the firm’s tokenized funds. Fund tokens constitute the security pillar of trade. Also, the use of CCIP means bullishness for Chainlink. The adoption of LINK’s Blockchain technology by financial institutions such as Arta is very important for the price. Additionally, Chainlink Labs provided CCIP, PoR, and data flows to power the regulated, cross-chain, tokenized funds in the trial. Accordingly, the rapid adoption of CCIP is likely to accelerate gains in LINK price. Therefore, this development will act as a catalyst for the Altcoin in November.
Chainlink price likely targets 10% gain
At the time of writing, the altcoin LINK price is trading at $11.29. The altcoin has gained 50% over the past month. A rebound in LINK is likely in the short term. As seen in the price chart below, LINK price is expected to reach the $12.3 target. This level represents the lower end of the Fair Value Gap. Once this level is filled, LINK is likely to resume its downtrend.
The altcoin is likely to fall to its 10-day Exponential Moving Average (EMA) if there is a correction in the LINK price. Accordingly, this level is cryptokoin.com When we look at it, it is around 11 dollars.
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