LINK price remains under pressure, hovering above $13 and failing to break through the resistance level of $15. Despite some recent progress, including TAO Ventures joining the release of Rubicon, the price of LINK has struggled to surpass $14.
LINK price has fallen more than 50% from the high of $27 in August. The current price is close to the technical support area, which is typically a gathering place for strategic buyers. Meanwhile, the overall cryptocurrency market has dropped by 2.08% in the past 24 hours, exacerbating concerns about macroeconomic factors and institutional sell-offs. The declines of Bitcoin, Ethereum, and Solana have also led to a cumulative drop of over 10% in the cryptocurrency market over the past seven days.
LINK announces a new partnership with General TAO Ventures to jointly launch the Project Rubicon. This project will utilize LINK's CCIP technology to transfer the alpha tokens of the Bittensor subnet to the Base network. This move aims to enhance the security of cross-chain transactions and provide better liquidity staking opportunities. Project Rubicon proposes non-custodial liquidity staking for subnet Alpha tokens. The conversion process will turn the tokens into an ERC-20 liquidity staking asset called xAlpha. Such assets will be compatible with various decentralized finance systems and can be used across chains through LINK's bridging system.
LINK also ensures that CCIP is currently running on Bittensor EVM. This integration allows the subnet alpha tokens to be securely migrated to Base and into DeFi protocols like AerodromeFi. Developers can now join the Bittensor ecosystem and begin developing brand new cross-chain applications based on CCIP infrastructure. The price of LINK has fallen to $13.31 after failing to hold the $14 support level, suggesting possible signs of weakness.
The price of LINK has been continuously declining, and the current trading price is approximately $13.9, down 5% in the past 24 hours. The price has broken below the important support area of $14.00, which has turned into a resistance level, indicating that bearish sentiment dominates in the short-term trend.
The price of LINK faces resistance around $14.00, followed by stronger resistance levels near $15.00 and $16.00. If the price breaks through these areas, it may trigger a strong upward trend.
Technical forecasts indicate that LINK's potential target price is $20, representing a 50% increase from current levels, reflecting its future development prospects. However, the price must first recover and hold above $14 to validate bullish expectations. Although the MACD line is below the signal line, the two are converging, indicating that bearish momentum is weakening. The ADX (Average Directional Index) is at 37, showing a strong current trend. However, due to the continuous price decline, the current trend may still be bearish unless a reversal signal occurs.
