Chainlink (LINK/USDT) Launches CCIP, Set for 7.7% Weekly Gain

Summary:

The Chainlink price prediction for a continuation of the upside move may have been given a boost with the launch of the CCIP protocol.

Chainlink has announced that it would launch a Cross-Chain Interoperability Protocol (CCIP) to allow for more effective cross-chain communication.

In a report released on Thursday, Chainlink says the new CCIP would improve the current difficulties being experienced with existing cross-chain architecture. Issues such as fragmentation in protocols resulting from poor communication between two different chains is a common challenge, along with various other vulnerabilities such as unreliable node operators, high costs and long processing times.

CCIP is expected to create a universal communication system between various blockchain networks and provide developers of smart contracts with more generalized systems of data transfer and smart contact commands.

Chainlink is up 7.7% for the week, despite low volume trading in the last three sessions.

Chainlink Price Prediction

Following the completion of the bearish pennant on 20 July and a V-shaped recovery, Chainlink appears to have run out of steam above the 22.472 resistance-turned-support. Bulls would be looking for a pullback and bounce off this new support, targeting 26.273 in the first instance. Uncapping this price barrier allows the LINK/USDT pair to resume the upside towards 28.763 and 31.740.

On the other hand, if the 22.472 support collapses, 20.121 becomes the next target. Below this level, 16.476 and 13.801 remain the viable support targets of note.