Chainlink Boosts Optimism with Role in Brazil’s CBDC Project

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By supporting Drex, the second phase of Brazil’s central bank digital currency (CBDC) project, Chainlink bolsters its argument for bullish growth. Improving supply chain procedures and expediting cross-border agricultural trade are the main goals of this phase. To facilitate secure and effective blockchain-based transactions, the project makes use of Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Among these is a delivery-versus-payment system intended to improve openness and get rid of trade inefficiencies.

Central banks are using #chainlink and you are buying dog shit memecoins instead 😅🤦‍♀️

Send $LINK to $100 🚀💎
pic.twitter.com/32hTgRWlaw
— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 20, 2024

In order to demonstrate the potential of decentralised Oracle technology in the financial industry, Chainlink works with organisations such as Microsoft and Banco Inter. Brazil wants to incorporate blockchain technology into its economy, and Chainlink is positioned to play a significant role in this change. Chainlink illustrates its usefulness in contemporary trade finance by addressing practical issues. This development strengthens LINK’s position in the market and demonstrates its potential for long-term growth as blockchain adoption increases globally.

Key Chainlink Levels To Watch – November 20

LINKUSD has broken beyond the psychological level at $15.00, signaling bullish momentum. A bullish order block is established at $13.830, where the price may retest before a continuation.

The Relative Strength Index (RSI) is above 60, suggesting strong upward momentum. Price will likely test the next resistance at $16.260, with a potential rally toward $19.190.