Chainlink (LINK) Price Prediction: Support Found Near Key Levels, Bullish Target Price is $18.81

Chainlink (LINK) continues its upward trend, currently reporting 16.50 USD during the Asian afternoon session on the 17th. Westpac Institutional Bank and Imperium Markets are implementing Chainlink in Project Acacia. The technical outlook indicates that the upward momentum will continue, with a target price of 18.81 USD.

Chainlink collaborates with the Acacia project supported by the Reserve Bank of Australia

Chainlink announced on Thursday that Westpac Banking Corporation and Imperium Markets are implementing Chainlink in the Acacia project, which is a new joint initiative by the Reserve Bank of Australia and Digital Finance CRC.

The Acacia project utilizes Chainlink's runtime environment (CRE) to coordinate the secure, seamless, and compliant payment and delivery (DvP) settlement of tokenized assets across blockchain markets and the existing PayTo Australia domestic payment system.

Chainlink stated in its X post: "This capability is crucial for accelerating the adoption of digital assets and bringing institutional capital on-chain."

The Westpac Bank stated in its blog post: "The Reserve Bank of Australia estimates that tokenization (i.e., issuing digital tokens on the blockchain for assets) could save between 1 billion to 4 billion AUD each year, while issuers in the Australian capital markets could save up to 13 billion AUD annually."

This news is positive for the long-term development of Chainlink, as it indicates that global banks and central banks are adopting LINK to drive the future of currency, thereby promoting institutional use cases, which could enhance investor confidence, bring more partnerships, and ultimately increase the utility of the LINK token.

LINK Price Analysis: Support Found Near Key Levels

FXStreet analyst Manish Chhetri stated that on June 11, the LINK price broke through the daily resistance level of $15.07 and found support near that level. This daily resistance level coincides with the 200-day Exponential Moving Average (EMA) of $15.18, making it a key support level.

LINK rebounded after testing the level again on Tuesday, rising 3.48% the next day. As of Thursday when this article was written, its trading price had slightly dropped to around 16.47 dollars.

If the support level of 15.07 dollars continues to hold, the LINK price may continue to pump and retest the next weekly resistance level of 18.81 dollars.

On the daily chart, the Relative Strength Index (RSI) reports 70, having previously broken through the overbought range on Wednesday, indicating that the bullish momentum is weakening. However, the Moving Average Convergence Divergence (MACD) displayed a bullish crossover at the end of June. This indicator also shows that the green histogram is rising above the neutral zero line, indicating that bullish momentum is strengthening and continues to show an upward trend.

However, if LINK faces a pullback and closes below its daily support level of $15.07, it may continue to decline and find support near the 50-day EMA of $14.33.

(Source: Trading View)