Chainlink has dipped by more than 10% in the last 4 days. However, things might be about to change as the TD sequential Indicator is showing a buy signal.
Analyst Ali, with more than $68,000 followers on X, pointed this out earlier today. This signal is based on the 4-hour chart, and it could be a sign that the bearish trend is already changing.
Further analysis shows that the relative strength index for the token is at 47. This points to the possibility of LINK price moving in both directions.
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The MACD histogram has been rising over the past few days. This indicates increasing trading volume. Also, the MACD line is above the signal line, pointing to a bullish market.
Chainlink LINK Fundamentals Are Creating Bullish Sentiment
Chainlink has also been making some moves that are bullish for its ecosystem.
One of the latest news is that Wenia, which is a part of LatAm financial giant Bancolombia group, has adopted Chainlink’s Proof of Reserve to secure its COPW stablecoin. The initiative also shows the increase in crypto adoption in Colombia.
We're excited to announce that @weniaoficial—part of LatAm financial giant Bancolombia Group—is now using #Chainlink Proof of Reserve to secure its COPW stablecoin.Why “this initiative marks a significant milestone in Colombia's digital asset landscape": https://t.co/4cz0lRMnA0 pic.twitter.com/ITrSMfgSBz
— Chainlink (@chainlink) July 25, 2024
Paxos is also using Chainlink’s new PayPal USD price feed to provide price data around its programmable PYUSD stablecoin.
Various news stories about growing adoption are bullish for Chainlink, and they could lead to more buying pressure for its native LINK token.
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The post Indicator Flashes Buy Signal for Chainlink (LINK) Amid Multiple Bullish Triggers appeared first on CaptainAltcoin.
