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COINTURK NEWS > Chainlink (LINK) > Chainlink Maintains Dominance Despite Competition
Chainlink (LINK)

Chainlink Maintains Dominance Despite Competition

In Brief

  • Chainlink remains strong despite competition and major deals.

  • LINK Coin faces challenges with price falling to $10 bottom.

  • Future price may fall to $8.06 or rise to $12.32.

COINTURK NEWS
COINTURK NEWS 10 months ago
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The crypto initiative, which has monopolized its field and continued to grow for years, has maintained its throne despite many competitors. Binance Oracle was launched as the most ambitious competitor, but Binance cannot lead in every area. Here, too, it could not dethrone Chainlink. In the last few years, the Chainlink team has signed major deals.

Contents
Chainlink and Its FutureLINK Coin Price Prediction

Chainlink and Its Future

Chainlink, which collaborates with many global partners including Swift and shows significant presence in the tokenization of real-world assets, remains strong. However, the same cannot be said for LINK Coin. The initiative, which facilitates the asset tokenization work of trillion-dollar giants with CCIP, greatly benefits from the potential of the RWA field to turn into a trillion-dollar market.

But there is a problem here. Or rather, there was. Although late in increasing the utility and demand of LINK Coin, the Chainlink team created staking pools. The pool, which was expanded at the end of last year, ensures that a significant portion of the supply remains locked. The pool, which has not expanded for 8 months, may soon trigger a new wave of demand with its growth here.

In summary, things look good for LINK Coin in the long term. But what about the short-term outlook? Things are not looking good here as the price has fallen to the $10 bottom. The funding rate in futures has turned negative again, indicating that professional investors expect further declines. The price, stuck between $10.72 and $9.93, may fall further.

Looking at the liquidation heat map, there is a significant liquidity accumulation between $9.88 and $9.97. The price may linger at this threshold during the decline. Conversely, the thresholds of $10.39 and $10.86 should turn into support.

LINK Coin Price Prediction

On the technical front, the LINK Coin price has been trading within a descending channel for over a month. OBV has weakened. The metric indicating increased sales shows that more investors are selling. If the trend continues, it may start closing below $10.32. Similarly, CMF confirms that liquidity inflow is weak.

The lack of demand is also noticeable in BTC and other altcoins. Under current conditions, LINK Coin may fall to $8.06 if the decline continues. In case of an increase, the price is likely to climb to $10.69 and $12.32.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 16 August, 2024 - 6:00 pm 16 August, 2024 - 6:00 pm
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