Chainlink (LINK/USD) price made a bullish breakout this week as investors focus on the upcoming hackathon in the ecosystem. The token jumped to a high of $8.7, the highest point since November 7 of last year. It has jumped by more than 60% from the lowest point in 2022.
Chainlink hackathon ahead
Chainlink, like other cryptocurrencies, has been in a strong upward trend in the past few weeks. The main reason for this comeback is the overall view that the Federal Reserve will start pivoting its monetary policy in the coming months.
Recent economic data has been supportive of this view. For example, America’s inflation dropped to 5.0% in March from last year’s high of 9.1%. Wage growth has slowed and manufacturing output ha been a bit weak. Also, the Fed believes that the US will move into a mild recession later this year, which means that it has an incentive to go slow on inflation.
And there are signs that inflation is slowing even when central banks pause interest rate hikes. For example, on Tuesday, data by the Canadian statistics agency showed that inflation dropped to 4.3% in April.
The other main Chainlink news is that the developers are set to launch a major hackathon on April 28th. This hackathon will see developers from around the world compete to win cash prizes and mentorships from some of the leading players in the industry.
According to the website, the hackathon will have a prize pool of $400k, with the winner taking home $25,000. Winners in categories like DeFi, Tech for Good, Artificial Intelligence will take home $15,000.
Chainlink’s hackathon has been sponsored by Amazon’s AWS, Flow, QuickNode, Bitcoin.com, and Truflation. Its goal is to identify projects that will play a part in growing the Chainlink ecosystem.
Chainlink price prediction
The daily chart shows that LINK price bottomed at about $5, where it struggled to move below in 2022. It has now risen and moved above the important resistance level at $8.38, the highest point on February 20. The coin has jumped by more than 25-day and 50-day moving averages. It has also jumped above the Ichimoku cloud.
Therefore, there is a likelihood that Chainlink will continue rising as buyers target the key resistance point at $9.54, the highest point on November 8 and August 12. This price is about 12.45% above the current level.
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