Chainlink’s price hovered around $14.57 on Tuesday after bouncing back from a key support level last week. The cryptocurrency gained attention after facilitating a secure exchange between Hong Kong’s Central Bank Digital Currency (CBDC) and an Australian dollar stablecoin.
This development underscores Chainlink’s expanding role as a trusted oracle network in global financial infrastructure. Meanwhile, derivatives data show that bullish bets on LINK have reached their highest point in over a month, signaling increased trader confidence.
On Monday, Chainlink announced it successfully enabled the swap of Hong Kong’s CBDC (e-HKD) for an Australian stablecoin (A$DC). This transaction involved major financial players such as Visa, Fidelity, and China AMC, and used Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
This milestone highlights Chainlink’s growing importance in blockchain-based cross-border payments. Following the announcement, LINK’s price rose 4.59%, closing above $14.36.
Data from Coinglass shows LINK’s long-to-short ratio at 1.25, the highest in over a month. A ratio above one indicates more traders expect the price to rise, reflecting bullish market sentiment.
Chainlink found support near $12.59 last Saturday and rebounded by 11.40% by Monday. As of Tuesday, LINK continued trading near $14.55. If the upward momentum holds, LINK could retest its May 29 high of $16.19. Breaking above this level might open the way toward resistance at $18.81.
Technical indicators support this outlook. The daily Relative Strength Index (RSI) stands at 49 and is rising toward the neutral 50 mark, suggesting weakening bearish pressure.
The Moving Average Convergence Divergence (MACD) indicator is close to a bullish crossover, which would signal buying strength and a potential upward trend.
However, if LINK corrects downward, it may retest support at $12.59.
In summary, Chainlink’s recent real-world application and improving market sentiment have boosted its price. Traders are watching key technical levels closely for signs of sustained gains or potential pullbacks.
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