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The price of Bitcoin briefly reached $30,000 today. However, the hopes were shattered once again. The move that excited altcoin investors was hoped to end the long-lasting depression. But it didn’t happen. So, we can focus on altcoins that can potentially diverge positively. The Chainlink team made a new announcement.
Chainlink (LINK) News
On the daily chart, the LINK Coin price broke out of the descending trendline after hitting a low bottom on September 11. This trendline also served as a resistance. Then, the LINK Coin bulls took action, and we saw a new high just below the year’s peak of $8.80. After reaching $8.28, the price started to pull back.
The daily RSI confirms the uptrend. The sustained demand is promising for investors. On the other hand, despite the fake ETF approval news causing Bitcoin price to jump to $30,000, it is currently at $28,180. Therefore, not all gains have been erased.
LINK Coin Analysis
A report supporting the increasing trend of tokenizing real-world assets (RWA) also supports LINK Coin. According to the data shared by CoinMarketCap, growth in the RWA sector continued in the last quarter. Moreover, the interest of major financial institutions in this area is increasing exponentially.
The sentiment data is supportive of the price. According to this, whales have been accumulating for the past 30 days. Long-term optimism is fueled by the strengthening relationship with Swift and other partners. On the other hand, the expanding stake pool and other upcoming steps by the end of the year will be supportive for LINK Coin.
In addition, the Chainlink team announced 9 integrations of 5 Chainlink services this week. So, what are the price expectations?
The Elliott Wave theory is often used for short and medium-term predictions. Elliott, which is compatible with the high volatility nature of cryptocurrencies, says that Chainlink is in the C phase of an A-B-C corrective structure.
Accordingly, it is expected that the LINK Coin price will reach a new peak at $9.3. If this level is surpassed, the price targets in double digits will come into focus. Rekt Capital maintains its long-term optimism and announces price targets above $10 for LINK Coin investors.
However, if LINK investors fail to hold $7.1, the price may decline to $6.4 and below.
