As a seasoned crypto investor with over a decade of experience in this dynamic market, I’ve learned to navigate through the ebb and flow of market trends with a keen eye for potential opportunities. The recent surge in Chainlink (LINK) price, coupled with speculation of a partnership with financial behemoth BlackRock, has certainly piqued my interest.
On Tuesday, the price of Chainlink increased by 2.2% to reach $11.97 during the U.S. trading session. At this point, its market capitalization stood at approximately $7.51 Billion. This upward trend can be attributed to a bullish chart pattern and rumors about BlackRock potentially collaborating with Chainlink for tokenizing securities. Could this altcoin be headed towards a potential rally of $100?
Chainlink Price if BlackRock Announces Partnership
At the New York Times DealBook gathering, BlackRock’s CEO, Larry Fink, emphasized that the future of financial markets lies in the tokenization of securities. With Fink aiming to convert various assets such as stocks and real estate into digital form using blockchain technology, Chainlink appears more primed to emerge as the leading network for handling Real-World Assets (RWA).
Chainlink’s tech, such as its Cross-Chain Interoperability Protocol (CCIP), is designed perfectly for this purpose, enabling it to link multiple blockchains together and assure the validity and reliability of tokenized assets.
Therefore, crypto analyst ProfitRealm0 sparks discussion about a possible alliance between BlackRock and Chainlink. Such a collaboration could significantly increase the Chainlink price, given that the demand for LINK would surge due to its essential role in providing reliable, secure oracles as part of BlackRock’s RWA (Risk-Weighted Assets) requirements.
Although the influence of this partnership remains uncertain at present, it may be possible to gauge its potential impact based on Blackrock’s application for a Bitcoin spot ETF. After the news broke, Bitcoin saw a 20% increase in value over the week, and eventually reached a new peak of $73,750 once the ETF was launched.
Will LINK Price Hit $100 After BlackRock Partnership?
A crypto trader named ChartNerd recently pointed out on Twitter that the price of Chainlink appears to be following a channel pattern, which typically results in a gradual correction between two sloping lines that function as both dynamic resistance and support.
Should the selling pressure continue, it’s possible that the LINK price will experience a 35.75% drop, reaching the $7.83 support level. This area, which had previously functioned as a major supply zone, might regain its bullish strength to propel the next surge in prices.
If the rumored collaboration between Chainlink and BlackRock becomes a reality, it might serve as the trigger for breaking through the current price pattern. This breakthrough could intensify buying interest and potentially spur a surge towards $100.
Analyst and Expert Predict LINK Price to Hit $13 After HTF Breakout
According to crypto expert SilverBulletBTC, here’s a breakdown of Chainlink’s price trend over the past week: The price movement appears to form a High Tight Flag, indicating that the recent market downturn might be short-lived. This pattern typically suggests that the bullish energy, though temporarily exhausted, can soon regain its strength, giving buyers an opportunity to re-enter the market.
A downsloping trendline drives the current downtrend in LINK coin and accentuates the sell-the-bounce sentiment intact among market participants. Currently trading at $12, the altcoin is 3.4% away from challenging the overhead trendline.
A potential breakout will be crucial to signal the continuation of the prevailing uptrend.
A different digital currency platform, CryptoBull360, is expressing its short-term predictions for the price of LINK, taking into account the revitalized enthusiasm of the ‘Uptober’ surge. The 2-hour chart demonstrates a recent escape from the ascending triangle pattern formation, suggesting the possibility of an extended upward trend in the future.
The Chainlink price prediction has recently offered a successful retest to the pattern neckline resistance and recently flipped to bullish support. The post-breakout rally is expected to drive a quick 8.6% surge to $13.
If the resistance trendline continues, this altcoin might extend a period of price decrease.
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2024-10-23 00:04