Chainlink Surges 18% After Mastercard Deal, Eyes $16.19 Breakout

Chainlink (LINK) is back in motion after a big partnership announcement with Mastercard. As of Wednesday, LINK is trading at $13.33...

Quick overview

  • Chainlink (LINK) has surged nearly 18% to $13.33 following a partnership announcement with Mastercard.
  • The collaboration allows 3 billion Mastercard cardholders to buy crypto directly on-chain, bridging TradeFi and DeFi.
  • Mastercard's involvement in digital assets aligns with the recent US Senate approval of the GENIUS Act for stablecoin regulation.
  • Chainlink's long-term outlook is positive as it positions itself as a leading oracle provider for financial institutions entering blockchain.

Chainlink (LINK) is back in motion after a big partnership announcement with Mastercard. As of Wednesday, LINK is trading at $13.33, up almost 18% from the start of the week. This price jump was triggered by Chainlink’s announcement that 3 billion Mastercard cardholders can now buy crypto directly on-chain.

The partnership, announced Tuesday, is about bridging the gap between TradeFi and DeFi. Through Mastercard’s infrastructure and Chainlink’s oracle network, the partnership enables fiat-to-crypto conversions. Supporting partners in this initiative are Zerohash, Swapper Finance, Shift4 Payments, and XSwap all working with Uniswap’s liquidity protocol.

This comes as Mastercard is getting into digital assets. On Monday, it joined Paxos’ Global Dollar Network, supporting major stablecoins like USDC, PYUSD, USDG, and FIUSD. This is in line with the recent US Senate approval of the GENIUS Act which provides a regulatory framework for stablecoins. Chainlink CEO Sergey Nazarov said this will trigger a new wave of stablecoins and will be good for LINK’s long term value.

LINK Technicals

LINK is at resistance, just below the 50-day EMA and a descending trendline. A break above $14 could lead to a move to the next resistance at $16.19.

Bullish indicators:

  • RSI is at 50, a move above will confirm the uptrend.
  • MACD had a bullish crossover on Tuesday, a daily confirmation could trigger buying.
Chainlink Price Chart - Source: Tradingview
Chainlink Price Chart – Source: Tradingview

If bulls can’t get through resistance, LINK could retest the April 9 low of $10.44.

LINK Long Term

This Mastercard integration is more than just a headline, it’s a game changer for Chainlink’s use case adoption. As more financial institutions get into blockchain, LINK will be the oracle provider of choice.

Key points:

  • 3B Mastercard users can buy crypto via Chainlink
  • Partnership supports stablecoin growth and DeFi expansion* Bullish but needs confirmation
ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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