Bitcoin price is struggling to overcome the $44,000 level, and altcoins are also battling to reverse the previous day’s decline. The excitement in the real-world assets (RWA) space has led to a significant rise in the price of LINK Coin. This year, the overall market sentiment is expected to continue improving, with new partnerships in the RWA space anticipated.
Chainlink (LINK) Coin
LINK Coin achieved massive gains when it broke free from the decreasing resistance line in October, as excitement was high in the tokenization of real-world assets. Before the end of December, the LINK Coin price had risen to $17.67, and at the time of writing, it was struggling to surpass $14.5.
Despite a drop to $12.2 due to profit-taking and fluctuations in the BTC price, LINK Coin did not stay at that level for long. The weekly RSI is still above the neutral zone, indicating the possibility of an upward reaction from current levels.
What Will Be the Price of LINK Coin?
An analyst known as CryptoBull predicts a movement for LINK Coin similar to what Ethereum experienced in 2020. If his prediction comes true, he has set a target of a whopping $250 for LINK Coin. DavidOnCrypto emphasized that the recent decline is not the start of a new downtrend, which seems evident as the BTC price reclaims $44,000.
The analyst is confident that the recent drop was a cleansing of excessively accumulated long positions and sees no barriers to an upward breakout. Another analyst, known as Commander, joins those expecting a parabolic rise.
Daily chart readings suggest that the correction movement, previously based on Elliott wave counting, has been completed. The upward movement that began in June has now reached the support line of the rising parallel channel.
If there are no major surprises and ETFs are approved, an upward breakout in the channel is expected, which could allow the price to rise to $23.6, an increase of approximately $10.
However, if the support line of the rising parallel channel is lost, the bullish prediction will be invalidated. In that case, we might see tests of supports at $12.5 and below.
