LINK, the native cryptocurrency of the decentralized Oracle network Chainlink, records a 5% surge during Monday’s trading session. The upswing followed a broader market uptick and a strategic partnership between Chainlink and the Abu Dhabi Global Market (ADGM). With a bullish reversal pattern in action, the buyers could extend the rally for a $20 breakout.
Key Highlights:
- The formation of a falling channel pattern drives a steady downtrend in Chainlink price.
- A bullish breakout from the 20-day Exponential Moving Average sets LINK for a 30% upswing in the near future.
- The ADGM–Chainlink MoU aims to accelerate blockchain innovation in the UAE with a focus on compliant tokenization frameworks.
Chainlink and ADGM Ink Strategic Alliance to Boost Blockchain Adoption
The Abu Dhabi Global Market (ADGM), the UAE capital’s premier International Financial Centre (IFC), has announced a Memorandum of Understanding (MoU) with Chainlink, the industry standard for blockchain-based financial infrastructure. This partnership marks a major step forward in advancing compliant tokenization frameworks and fostering blockchain innovation across the region.
The collaboration will see Chainlink’s cutting-edge interoperability tools and verifiable data services integrated into ADGM’s ecosystem, with support from the ADGM Registration Authority. The initiative is set to fuel a wave of innovative blockchain projects by maximizing the utility of tokenized assets while ensuring regulatory compliance.
“This strategic alliance is a significant step in further solidifying ADGM’s leadership in enabling blockchain innovation and enhancing alignment in the regulatory approach globally,” said Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority. He added “By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space.”
The MOU will also foster a dialogue on regulatory matters in blockchain, AI, and other emerging technologies.
A strategic alliance with regulatory bodies like ADGM will bolster investors’ confidence towards Chainlink, and its native cryptocurrency, LINK.
Chainlink Price Eyes Major Reversal Within Wedge Pattern
In the last two weeks, the Chainlink price has bounced from $11.85 to its current trading value of $15.2, projecting a 28.2% growth. The rising price is currently challenging an initial barrier of 20-day EMA, seeking a suitable for further push.
If the breakout sustains, the LINK price is likely to surge 30% and retest the resistance trendline of falling channel patterns around $20. Since mid-December 2024, the coin price has been resonating within two downsloping trendlines of this pattern, providing dynamic resistance and support.
The potential retest would be a pivot movement for Chainlink coin as a bullish will further accelerate the buying momentum, but a reversal could plunge value by 35-45%, as the previous data.
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