As the king of cryptocurrencies, Bitcoin, loses $37,000 in value, many altcoins have retreated to their support regions in the last 24 hours. This development could create attractive entry points for investors who missed out on the recent surge. But what about LINK Coin? The current state of the crypto markets and expectations for LINK Coin are being examined.
At the time of writing, LINK Coin, hovering around the $14.2 level, has not yet given up on its $20 target. Chainlink broke above the downward trend line on November 26, but the bulls could not maintain the momentum. BTC’s price performance was also influential at this point. After the Binance deal, investors are expecting something big.
Nevertheless, it is still unclear who will benefit from this significant increase in volatility. The 20-day EMA ($14) is a critical region for LINK Coin investors, and if it continues to be defended, the likelihood of a rebound is strengthened. Conversely, in the opposite scenario, a rapid decline to $12.83 is within the realm of possibility.
What are the expectations for a recovery starting from the support zone? In this case, the levels of $16.6 and $20 could be targeted.
After the Binance incident, the direction in which the market would rapidly move was uncertain. Some believe that due to the largest exchange undergoing an audit, the SEC might be more open to ETF approval. This is because the volume king platform will be subject to regular audits and has agreed to pay a $4.36 billion fine to move past previous mistakes. The optimism of this new clean slate is an undeniable fact.
On the other hand, there are those who say that the ongoing lawsuit between the SEC and Binance, despite the recent settlement, could still seriously harm the exchange. This is not a conspiracy theory; the SEC’s allegations are not only about unregistered securities sales. We also see claims that could turn into criminal litigation.
Moving forward, the markets will have to follow one of two paths. Both options have their own convincing narratives. However, reasons such as the stabilization of inflation, expected interest rate cuts, halving, expectations of ETF approval, the influence of giants like BlackRock, and exponentially increasing institutional demand make the case for a rise more convincing to those expecting it.
