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

Oracle’s Chainlink platform has announced a major upgrade to the Cross-Chain Interoperability Protocol.

This blockchain highlights four key enhancements introduced by the upgrade:

• Cross-Chain Token standard.
• Self-serve token onboarding.
• The CCIP SDK includes a token manager.
• Enhancements to security and privacy.

LINK’s performance in terms of price has been the focus, despite positive ecosystem development.

Altcoin is approaching a breakout of an ascending triangular setup and targets levels above $15 in this week.

Chainlink CCIP upgrade live

The CCIP now has its CCT standard. This allows it to provide cross-chain deployment of self-service, transactions with zero slippage, enhanced programmability and full control & ownership.

The new update also makes it easy for developers to adapt to updates.

The upgrade also reflects blockchain’s continuous evolution, as the technology strives to provide the best possible service to users.

Token Developer Certification is also part of the upgraded CCIP.

It is currently in private beta and will enable developers to evaluate their work for precision. In the announcement, it was stated:

Developers of wrapped assets, stablecoins and real-world assets have all requested this feature to help them with compliance and support their security models.

LINK price performance

Chainlink’s bullish bias was evident in the latest upgrade of its ecosystem, which coincided with improved market sentiments.

Data from Coinmarketcap shows that altcoins gained nearly 8 percent in the last day, trading at $12.35.

Chainlink’s impressive volume of trading suggests that it will continue to rise.

Moreover, renowned crypto analyst Crypto Yapper revealed recently LINK’s bearish formation. The altcoin is approaching a crucial breakout level.

Altcoins are hovering inside ascending triangles, which indicate the likelihood of sustained upward trends upon breakout.

LINK bulls are targeting $13, before reclaiming the $15 – an area that was identified by analysts as a major breakout zone. Price surges could be prolonged if stability is maintained beyond this point.

Onchain metrics, technical indicators and LINK’s bullish outlook are supported by LINK.

According to IntoTheBlock, Chainlink remains profitable. Almost 60% of Chainlink holders are making money with current prices.

Profitability will attract traders and cement the possible upswing beyond $15.

Moving Average Convergence Divergence (MACD) supports the bullish story, as the MACD line crosses beyond the signal lines.

The Relative Strength Index also suggests that there is more growth room in the LINK price. Chaikin Money Flow has jumped from -0.03 up to +0.19 over the last four days, confirming the increased optimism of investors.

The broad outlook for the market supports LINK’s upward trajectory.

Analysts predict that Chainlink will continue to rise due to the US election. It could even surpass $15 and reach the resistance level of $17.

Bearish reverses would require support around $11. If buyers exhaust themselves at this level, LINK could plunge to the annual lows of $7.

Analysts expect that the altcoin boom will begin in November due to the decline of Bitcoin’s dominance.

Altcoin seasons can lead to significant gains, which will trigger recoveries for tokens and massive trends for LINK.

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