Chainlink (LINK) recently experienced a price surge to $26 due to a new partnership with the U.S. Department of Commerce. This article explores the impact of this event on the market and forecasts for LINK.
Partnership with the U.S.
In light of recent news indicating that Chainlink has partnered with the U.S. Department of Commerce, LINK's price rose to $26 before retracing to about $24.8. The new initiative aims to utilize Chainlink data to onboard macroeconomic indicators, such as U.S. GDP data, onto multiple blockchains including Bitcoin and Ethereum.
Current Trends and Price Predictions for LINK
Since mid-June, LINK's price has been trading within a symmetrical rising channel. Current trends indicate a potential drop to $20 in September before a possible bullish rally. The daily chart shows a bearish divergence in the Relative Strength Index (RSI), along with a potential head and shoulders pattern.
Market Insights and Expert Opinions
According to reports, Caliber, a real estate asset management company, has announced its intention to acquire LINK for its treasury strategy and to participate in staking for yield. CEO Chris Loeffler emphasized that a team of experts would ensure the necessary knowledge and governance for a responsible and effective strategy. His remarks highlight the importance of transparency and engagement with the Chainlink community.
The partnership between Chainlink and the U.S. government, along with active market movements, indicates a growing interest in the LINK token. However, investors should remain cautious due to potential price fluctuations in the coming months.
