Repeated rallies in the cryptocurrency markets are nothing new, and we may see a similar trend again. Moreover, this signal is coming for the popular altcoin of recent times. We have witnessed significant gains by LINK Coin and its alternatives as excitement grows in the RWA sector. LINK Coin, which was once feared to drop to $1, is now back in the spotlight with a target price of $20.
Chainlink (LINK) Coin Review
At the time of writing, BTC finds buyers at $34,800 and continues to consolidate within a narrow range after testing resistance. Although the price drops to $34,500, there are no significant losses. This means that altcoins can continue their rallies, and LINK Coin seems to be luckier in this regard.
Readings on the weekly chart show that the LINK price has fluctuated between $5.80 and $9 since May 2022. Although it briefly dropped to a bottom level in June 2023, the bulls managed to recover from there. We have seen a 120% increase in price in less than two months. The rally has now surpassed $13.3, setting a new annual high.
Expectations for LINK Coin Rally
Breaking away from the 530-day range, the price puts LINK Coin among the most attractive cryptocurrencies, according to an analyst known as CryptoGodJohn. Despite the major breakout, wallet profitability is still at around 55%, and the main supply block is at $16.27. When the price reaches this level, profitability will exceed 80%. This suggests that investors may not create intense selling pressure while the rally continues.
In addition, we received breaking news today about HashKey. The listing will take place on November 10th, and this move by Hong Kong’s regulated cryptocurrency exchange is a significant endorsement of its legitimacy. Moreover, as the date approaches, the price, which is already on an upward trend, may rise even further. We have seen how altcoins experienced parabolic rallies with the demand in Asian markets after the Upbit listings.
RSI is moving upward and above 50. Moreover, it has just entered the overbought zone. We have seen in the previous two instances when the Chainlink indicator gave this signal, the price increased by 320% and 300% respectively. Will the same happen again?
If the expected happens and the price rises by over 300%, breaking above the $18 resistance area, it could jump to the $37 region. What about the opposite scenario? A pullback to the $9 support level is possible.
