While the king of cryptocurrencies lost $37,000, many altcoins returned to their support zones within 24 hours. This could create attractive entry points for investors who missed the last uptick. What about LINK Coin specifically? We are looking at the current situation in the crypto markets and predictions for LINK Coin.
Is LINK Coin a Buy Now?
At the time of writing, LINK Coin, which is lingering at $14.2, still hasn’t given up on its $20 target. Chainlink broke above the downward trend line on November 26, but the bulls couldn’t maintain the momentum. BTC price performance was also influential at this point. Following the Binance settlement, investors are expecting a big “something”.
However, it is still unclear who will benefit from this massive increase in volatility. The 20-day EMA ($14) is a key area for LINK Coin investors, and if it continues to be defended, the probability of a rebound strengthens. On the contrary, a rapid decline to $12.83 is likely in the opposite scenario.
So, what is the expectation for the recovery starting from the support zone? In this case, levels of $16.6 and $20 could be targeted.
Will Cryptocurrencies Fall?
We mentioned that it was unclear which way the market would rush after the Binance incident. Some believe that the SEC will be more open to ETF approval now that the largest exchange is undergoing an audit. This is because the volume king platform will be subject to regular audits and has agreed to pay a fine of $4.36 billion to put past mistakes behind. 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 could still seriously harm the exchange despite the recent settlement. This is not a conspiracy theory, and the SEC’s allegations are not solely about unregistered securities sales. We see allegations that could turn into criminal cases here as well.
In the next phase, 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, upcoming interest rate cuts, the halving, expectations of ETF approval, activity from giants like BlackRock, and the exponentially increasing institutional demand make those expecting a rise seem more convincing.
- Link Coin provides potential entry points.
- Volatility questions the market direction.
- Rising factors suggest a bullish outlook.