Market enthusiasts may have recently noticed a rising star in the vibrant world of cryptocurrencies, Chainlink’s (LINK) price has nudged up by 1.5% in the past 24 hours, despite the general crypto market’s slight decline. This 3% weekly uptrend is significantly divergent – and exciting – especially considering the general 16% downtrend observed over the past month.
The recent boost in LINK’s fortune is strongly associated with the partnership of Swift, the global payment network, which used Chainlink’s Cross-Chain Interoperability Programme (CCIP) in tokenization trials. This might play a significant role in LINK’s increased use and price escalation in the foreseeable future.
Looking deeper into Chainlink’s financial health, an increase in its momentum and buying pressure is noticeable, with its relative strength index surging from around 30 in mid-August to 50. Further, its medium-term support has been steadily climbing, inferring a likely end to LINK’s recent declines.
Adding to the pile of positives for Chainlink, is yesterday’s announcement that Balancer has integrated Chainlink price feeds on Arbitrum. With almost 1000 oracle networks on its platform, Chainlink averages over 10 billion on-chain data points, making it a significant provider of on-chain data worldwide.
While Link shows remarkable promise among top-100 cryptocurrencies, it’s not the only one stealing the limelight. Launchpad.xyz (LPX), an all-in-one Web3 trading application, has rallied over $1.6 million since its sale started last month. Targeting traders of diverse competencies, the platform offers numerous tools and resources for trading, and is likely to make a significant mark in the cryptocurrency ecosystem with its upcoming decentralized exchange and NFT marketplace. LPX tokens will be used for fees and subscriptions, and holders can stake these tokens to earn regular passive income.
However, let’s not forget that adjusting our economic lenses towards the world of cryptocurrencies brings its own set of uncertainties and inherent risks. It’s an enviable domain demonstrating colossal opportunities for accelerated gains, but says the quiet part aloud about the potential of massive losses.
One thing’s for sure: the forthcoming times are brimming with exciting developments, promising to create an even more robust and fascinating trajectory for the blockchain and cryptocurrency universe.
Source: Cryptonews
