Chainlink Price Analysis: LINK Has Been Rising Up In A Parallel Channel Formation

Daily Chainlink LINK Price Forecast

Last Updated July 23rd 2021
2 Min Read
  • Since March 25, the Chainlink price has climbed up from $25 to $32.65.
  • LINK has a moderate resistance barrier around $33.
  • Between March 18 and March 25, the Chainlink price has dropped from $31 to $25 – losing $6 in its overall valuation. Following this drop, the buyers took control of LINK and it has since risen to  $32.65.

    Chainlink Price Has A Moderate Resistance At $33

    Chainlink price is currently trending in an upward channel formation as it aims to take down the $33 resistance barrier. The MACD shows increasing bullish market momentum, while the relative strength index (RSI) still has room to grow before it enters the overbought territory.

    Image: LINK/USD daily

    Looking at IntoTheBlock’s IOMAP, there is a moderate resistance barrier at $33. Previously, at this level, 5,000 addresses had purchased 6.50 million LINK tokens. If the bulls somehow take over this line, the Chainlink price will reach $35.

    Image: IntoTheBlock

    CipherTrace and Chainlink Partner Up

    CipherTrace has recently rolled out DeFi Compli, a new compliance oracle, on Chainlink. DeFi Compli aims to help DeFi projects be compliant with the Office of Foreign Assets Control (OFAC), a financial intelligence agency that administers economic sanctions supporting US national security. 

    DeFi Compli has been developed on Chainlink, a decentralized oracle network that connects real-world data with blockchains. CipherTrace will implement a Chainlink node and provide relevant compliance feeds so teams can port them directly into smart contracts. 

    DeFi activities such as swapping tokens, borrowing, and lending are subject to OFAC sanctions in addition to anti-money laundering laws. In March 2021, the Financial Action Task Force (FATF) published new guidance that specified that most DeFi platforms resemble exchanges or VASPs (Virtual Asset Service Providers) and are therefore responsible for implementing AML and CFTC controls. 

    CipherTrace CEO Dave Jevans said: 

    Ensuring that sanctioned addresses cannot use DeFi to fund weapons of mass destruction programs should be among DEXs. The time for DeFi to adopt compliance solutions is now, or risk facing the consequences. 

    Chainlink Price Is Expected To Reach These Levels

    The bulls will take over the $33 resistance barrier and Chainlink price will rise to $35.