Bitcoin‘s price has been fluctuating within a $1000 range since its drop on January 12th, with overall weak trading volumes. Despite the cumulative trading volume of cryptocurrencies falling back to $50 billion, some altcoins like Chainlink (LINK) have shown significant movement.
Comments by BlackRock’s CEO on growth expectations in the Real World Asset (RWA) space have spurred LINK Coin’s price. Chainlink’s partnership with Swift and ongoing projects have supported its presence in the RWA sector for months, contributing to its price increase.
Technically, LINK’s price has been rising since hitting a low of $12.24 on January 3rd. A higher low was established on January 8th, leading to an accelerated uptrend. This surge excited LINK Coin investors as it surpassed a 70-day horizontal resistance zone.
The Relative Strength Index (RSI) indicates a favorable continuation of the upward movement, with LINK Coin standing out positively in the market for the aforementioned reasons.
Analysts have varying predictions for LINK’s future price. While some expect a swift rise to $18, others suggest a more cautious approach, anticipating continued consolidation within the accumulation range before a potential breakout. If the Elliott wave count is accurate, LINK Coin’s price could target $23.4 and $30.40, with the fifth and final wave underway. However, a close below $12.2 could lead to a potential drop to $8.3, which bulls striving for double-digit prices must avoid.