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We know that investors are expecting much better days for the second quarter of this year. However, April started off poorly. If regional tensions continue, it could be one of the worst months of the year because Bitcoin is struggling to hold above $62,000. However, some altcoins might please their investors despite this negative atmosphere.
Chainlink (LINK)
Chainlink (LINK) became a favorite RWA altcoin last year due to its partnership with Swift and the CCIP. With its near-monopoly on oracle services in the DeFi space, it is now fighting to take the largest slice of the RWA pie. Experts believe that the tokenization of real-world assets will turn into a trillion-dollar market.
If Chainlink does not encounter much stronger competitors, it could remain the largest player in the crypto-focused RWA services area. This will, of course, have positive outcomes for the price of LINK Coin in the long run. On the other hand, the expected growth of the LINK Coin stake pool will increase token utility while also tightening the circulating supply.
However, in the short term, these don’t matter much. LINK Coin bulls had been trying to maintain the support level at $13.5 for days but were unsuccessful. Yet, the current decline could trigger a new accumulation wave based on the historical performance of the 30-day MVRV data and its relationship with the price.
Past LINK Coin recoveries started when current loss rates reached those of a 30-day period.
LINK Coin Predictions
The 30-day MVRV is signaling an uptrend, and LINK Coin was finding buyers at $13.24 at the time of writing. If the price can reclaim $13.6, we might see the current downtrend reverse and the rally begin as investors start accumulating. In this scenario, a movement towards $17 is expected if LINK Coin’s price surpasses the $15.6 resistance.
Moreover, convincing closures below the $13.4 support could target $12. This is also the level targeted by the descending triangle LINK was stuck in a few days ago. If sales continue here, the target will be $11.
At the time of writing, BTC is at $62,430, and most altcoins continue to wait in red.
