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Bitcoin price has yet to recover its losses and recently set a new daily low. Altcoins are following its lead. The prolonged stagnation in BTC price has significantly strained altcoin investors, creating a psychological pressure reminiscent of bear market crashes. Although the trend is upward, BTC has been hindering crypto rallies for months.
Chainlink (LINK)
RWA sector sees the world’s largest financial companies setting trillion-dollar market value targets. BlackRock’s BUILD token has already surpassed half a billion dollars. Chainlink, a favorite in its field, provides solutions in the RWA sector and collaborates with giants like 21Shares. However, it has also been affected by BTC’s decline.
Recently, 21Shares took a significant step by using Chainlink‘s Proof of Reserve. Although they integrated the Ethereum ETF reserve with PoR, the price did not respond much to this major development. Despite optimistic sentiment data, we do not see this reflected in the LINK Coin chart.
On the other hand, the average daily active user count on the network is around 2,000. At the beginning of July, this figure was around 3,840. Recently, network activity has significantly weakened due to BTC price losses.
LINK Coin Price Prediction
The price hovering at $13.6 is below the key resistance level of $13.77. If LINK Coin bulls break the resistance, recovery may accelerate. However, the reasons mentioned earlier suggest this might not be very likely. Bulls targeting $15 may need to wait on the sidelines for a while longer.
The support level at $12.94 may limit losses as long as we don’t see massive losses in BTC price. However, considering BTC is seeking a new daily low as of writing, this is not impossible. If the support is lost, the decline could continue to $11.99.
The crypto markets will be more excited about the Fed meeting at this time tomorrow. Upward attempts may not be very likely in the coming hours. If the Fed adopts a hawkish stance and shelves the 2-3 rate cut scenario for this year, the decline could intensify. Nevertheless, many positive developments should support the price in the last quarter.
