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As the fluctuation in the price of Bitcoin continues, investors are still entering altcoins. LINK Coin is among the favorites. Increased interest in the RWA field and ongoing tests between Chainlink and Swift have increased appetite. Chainlink is a strong player in its field and almost monopolized the price feedings in the crypto world.
Chainlink (LINK)
If a much stronger competitor (such as Binance Oracle) does not come from behind and break Chainlink’s market share, the long-term outlook for LINK Coin is quite good. However, the team, which is striving to increase token utility, aims to keep demand strong in the long term. Of course, this convinces investors who want to hold LINK Coin for a few years that they are doing the right thing. Time will tell if it is correct or not, but in the short term, popular altcoins bring profits.
Speaking of the price, bulls who want to continue the rally are facing the fluctuation in the BTC market. Recent long wicks around the $12 zone are noticeable on the daily chart. This shows that this critical zone has turned into a profit area for sellers.
The problem is that if profit-taking continues steadily, panic selling in a possible BTC correction (33,400?) can nullify all efforts.
LINK Coin Price Analysis
As we mentioned, the slow but steady rally is encountering sales around $12. The LINK price recorded a significant increase of 9.5% and reached $12.6, but at the time of writing, the price returned to $12. The RWA altcoin, which reached the highest level in 16 months, did not come as a surprise due to its failure to break the resistance zone of the rising parallel channel.
The price needs to recover from the support area and aim for $12.6 again. If it can achieve this, it can test the new resistance between $14.65 and $15. However, if the channel is broken downwards, it can be seen that the price has fallen to the support area of $10.7.
The buyers will be observed in the test of the deeper support level. If long-term investors turn $10.7 into an opportunity for accumulation, we can see a bounce from the support zone. RSI warns about downward movement.
At the time of writing, BTC has reclaimed $35,100, and it is hoped that it will make a high-level closing when bulls test $35,500 just hours before the weekly closing. The possibility of a deeper correction in the BTC market is weak for now as it has held $34,500. In fact, today’s short-term retreat did not continue that far.
