Link has just formed a double top pattern

• chainlink announced a new plan for expansion to the traditional financial sector.

• The Cross-Chain Interoperability Protocol (CCIP) presented.

• The coin has formed a double-top pattern on the 4h chart.

chain member The price rose to a maximum of $ 7.32, the highest level since April 26th. At its climax on Tuesday, the link token rose by more than 53 % compared to the lowest level in June. It exceeded other coins such as Bitcoin and Ethereum.

chainlink extends its offer

chainlink is the largest Oracle network in the blockchain industry. An oracle is a network that linked off-chain data with on-chain data. It is often used to provide price feeds on decentralized and central stock exchanges.

chainlink has expanded its ecosystem in recent years. In June, the developers announced that they started to test the connection of banks to the blockchain through a partnership with Swift.

In a statement on Tuesday, the company presented the Cross-Chain Interoperability Protocol (CCIP) from Chainlink. CCIP is supposed to connect traditional financial institutions to the blockchain. The first blockchains will be avalanche , Ethereum, optimism and polygon. The first users of these tests included synthetix and aave.

The Link Prize rose suddenly because investors hope that the network will experience further actions in the coming months.

Data compiled by Defi Llama show that the network has a secure total value (TVS) from over has 21.85 billion US dollar . It is the largest Oracle provider in the world. The other large oracles are chronicle, Winklink, Pyth, Twap and Redstone.

Chainlink price forecast

The link price has been in a strong upward trend in the last few days. On the 4-hour chart, the coin moved over the moving average of 25 and 50 periods. It has also formed an ascending channel that is shown in black. The price is a few points below the upper side of the channel.

The most important thing is that Chainlink has formed a double top pattern at $ 7.30. In the price action analysis, this pattern is usually a bearish sign. The excerpt of this pattern is $ 6.50. Therefore, despite the introduction of the new product, there is the probability that the Link Prize will experience a declining outbreak.

In this case, the next level to be observed is $ 6.50, which is about 6.50 % below the current level. On the other hand, a movement over the double-top level of $ 7.30 would invalidate the bearish perspective.

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