Chainlink (LINK) approaches crucial breakout as major ecosystem upgrade goes live

Oracle platform Chainlink has revealed a significant upgrade to its Cross-Chain Interoperability Protocol (CCIP).

The blockchain highlighted four crucial enhancements that the upgrade introduced:

• Cross-Chain Token standard.
• Self-serve token onboarding.
• CCIP SDK and token manager.
• Security and privacy enhancements.

Attention shifted to LINK’s price performance amidst the optimistic ecosystem developments.

The altcoin has approached a breakout from an ascending triangle setup, targeting levels beyond $15 this week.

Chainlink CCIP upgrade live

With the new improvements, the CCIP has its own CCT standard, allowing it to facilitate cross-chain self-service deployment, zero-slippage transactions, heightened programmability, and complete control & ownership.

Introducing the CCIP v1.5 upgrade.

🪙 Cross-Chain Token (CCT) standard
💻 Self-serve token onboarding
🏗️ CCIP SDK & Token Manager
🛡️ Security & privacy enhancements

Here’s why #Chainlink CCIP is the #1 choice for building cross-chain 🧵⬇️
blog.chain.link/ccip-v-1-5-upg…

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Also, the new upgrade makes it smooth for developers to adjust to the updates without challenges.

Meanwhile, the upgrade reflects the blockchain’s constant evolution as it aims to offer the best to its users.

The upgraded CCIP also introduces the Token Developer Attestation.

Currently in private beta, it will allow developers to reevaluate their work to ensure precision. The announcement added:

This feature was widely requested by developers of stablecoins, wrapped assets, staking derivatives, and developers of real-world assets (RWAs) as a way to support their security model and assist with their compliance needs.

LINK price performance

The latest ecosystem upgrade amidst enhanced broad market sentiments saw Chainlink exhibiting a bullish bias.

Coinmarketcap data shows altcoin gained nearly 8% over the past day to trade at $12.35.

The impressive trading volume suggests more uptrends for Chainlink.

Moreover, renowned analyst Crypto Yapper recently revealed LINK’s bullish formation, with the altcoin approaching a vital breakout level.

$LINK Uptrend !

#LINK is coming closer to a break out on the Daily chart

If #Chainlink can break the resistance, we could see a Bullish continuation of the uptrend

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The altcoin hovers inside an ascending triangle setup, suggesting the probability of sustained uptrends upon breakouts.

LINK bulls will target $13 before reclaiming $15 – which the analyst identified as a significant breakout zone. Stability beyond this mark could trigger prolonged price surges.

Onchain metrics and technical indicators support LINK’s bullish sentiments.

The altcoin remains profitable, with almost 60% of Chainlink holdings making money at current prices, according to IntoTheBlock.

The profitability will likely attract more traders, cementing the potential upswing past $15.

The Moving Average Convergence Divergence supports the bullish narrative, with the MACD line crossed beyond the signal line.

Further, the Relative Strength Index suggests more room for growth for LINK price, while Chaikin Money Flow’s jump from -0.03 to +0.19 in the past four days confirmed enhanced optimism among investors.

The current broad market outlook supports LINK’s upside trajectory.

With analysts forecasting massive uptrends due to the upcoming US elections, Chainlink could extend past $15 to hit the resistance at $17.

However, bearish reversals would call for the support at $11. Buyer exhaustion at this mark could see LINK plunging towards the yearly lows of $8.

Meanwhile, analysts expect the altcoin season to kick-start in November, citing the declining Bitcoin dominance.

The 2024 Altseason starts in November 🔥

The $BTC dominance indicator just reversed after reaching a cycle high.

I noticed the same pattern in 2020 and turned $800 into $150K by picking the right alts.

Today, I’ve found the best 100x lowcaps for the upcoming Bullrun👇🧵

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An altcoin season translates to significant gains for alts, which would trigger notable recoveries and support massive uptrends for multiple tokens, including LINK.

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