Bitcoin struggles to surpass the $44,000 mark while altcoins attempt to recover from recent drops. Chainlink (LINK) Coin experiences significant gains amid excitement in the Real World Assets (RWA) tokenization space. The market sentiment is positive, with expectations of continued improvement and new partnerships in the RWA sector this year.
LINK Coin broke free from a descending resistance line in October and saw substantial gains due to the high interest in tokenizing real-world assets. Despite a pullback to $12.2, LINK Coin’s price did not stay low for long and is currently fighting to exceed $14.5.
The weekly Relative Strength Index (RSI) remains above the neutral zone, suggesting potential for an upward response from current levels. Analysts, including one known as CryptoBull, predict a significant rise for LINK Coin, with a target of $250, akin to Ethereum’s past performance.
Recent price drops are not seen as the start of a new downtrend, and as Bitcoin reclaims the $44,000 level, the accuracy of this optimistic view becomes apparent. Analysts believe the recent dip was a correction, clearing overaccumulated long positions, setting the stage for an upward breakout.
Daily chart readings indicate the completion of a corrective movement based on Elliot Wave analysis. If the rising parallel channel’s support holds, and if ETFs are approved, LINK could potentially rise by approximately $10 to $23.6. However, a loss of the channel’s support could invalidate this bullish forecast, potentially leading to tests of supports at $12.5 and below.