Will the SWIFT Partnership Impact Chainlink Price Predictions?

The Chainlink price predictions remain decidedly bearish after the price action witnessed a firm rejection of a key resistance mark. This is despite some positive news for the Chainlink network. The interbank remittance and messaging platform SWIFT has selected Chainlink as a partner on a new cross-chain interoperability protocol (CCIP) it seeks to develop.

The CCIP will connect the SWIFT network to various blockchain services and will provide access to traditional and digital assets on a single network. SWIFT began its foray into the blockchain after Ripple emerged to disrupt the world of global remittance. SWIFT says its institutional investors have an interest in digital currencies.

With the greater emphasis on fiat-to-crypto transactions in recent months, SWIFT is working to position itself as a serious player in this space. The CCIP is being developed with a proof-of-concept consensus algorithm. Chainlink will use the CCIP to facilitate token transfers across various networks.

This development could have future potential for the LINK/USDT pair, but it is not expected to immediately sway Chainlink price predictions, as these are more in tandem with the price action of Bitcoin than on any other fundamentals.

Chainlink Price Prediction

The rejection of the uptick at the 8.406 resistance broke below the 8.113 price support, converting that level into a new resistance that now forms the ceiling of the range. The floor is formed by the 7.540 support, where the previous highs of 21 June, 20 July and 6 September 2022 now act in role reversal.

A breakdown of this floor allows the bears to gain access to the 7.022 support (2 August and 8/15 September 2022 lows). A further decline sends the pair toward the 6/22 September 2022 lows at 6.632. Additional targets to the south are found at 6.255 (26 May and 28 August lows) and 5.863 (15 June low).

On the other hand, the bulls need to force a break above the 8.113 resistance (6 August and 17 September highs) to invalidate the previous outlook and create a pathway toward the 8.406 resistance (27 September high). Above this level, 8.843 (11 May and 16 August 2022 highs) forms an additional upside target. A further target to the north at 9.485 (12 August high) becomes visible if the 8.843 resistance is broken.