As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the recent surge in Chainlink (LINK) price, fueled by the Bitcoin rally, strategic partnerships, and whale accumulation. The latest on-chain data suggesting Donald Trump’s World Liberty Finance’s interest in LINK tokens adds an interesting twist to this narrative.
The price of Chainlink has surged robustly due to Bitcoin’s bullish trend, strategic partnerships, and large-scale purchases by whales. On-chain information indicates that Donald Trump’s World Liberty Finance is amassing the token, fueling speculation about a possible collaboration with Blackrock. Given these factors, what could be the potential high for LINK price?
Linking Trump’s Buying Spree & Chainlink, BlackRock Partnership
LINK price has held steady after on-chain data showed that World Liberty Financial has been buying the token. Data shows that the network, which is associated with Donald Trump and his family has bought LINK tokens worth over $2.3 million. The company also owns Ethereum, Tether, and AAVE.
Following our announcement about potential talks between Chainlink and Blackrock, these transactions ensued. Notably, such a partnership would be significant given that Blackrock is the world’s largest asset manager with $11.5 trillion under management. While it might not come as a complete surprise due to Blackrock’s growing support for the crypto sector, its role as a key advocate for the industry makes this possible partnership noteworthy.
The alliance is set to materialize as Chainlink progresses with its series of agreements. This week alone, the platform has sealed partnerships with prominent entities such as Coinbase and Emirates NBD Bank, boasting assets exceeding $200 billion. Moreover, substantial investors, known as whales, have been actively stockpiling LINK tokens in recent times.
LINK Price Analysis Points To More Gains
Based on technical analysis, it appears that the value of LINK may continue to rise. On the weekly graph, you’ll notice that the coin has recently breached the upper boundary of the Andrew’s Pitchfork indicator. Such a powerful breakout typically indicates further potential increases.
The price of Chainlink surpassed a significant barrier at $22.93, marking its highest point in March. This level was also the neckline for a slanted double-bottom pattern. Currently, it’s moved halfway between its high and low (50% retracement) and sits above its 50-week moving average.
Based on the analysis, it’s anticipated that the future price trend for Chainlink is upward, aiming towards approximately $53 – a rise of around 85% from its current value. To reach this peak, Chainlink needs to surpass two important resistance levels: firstly, the 61.8% Fibonacci retracement level at roughly $34.90, and secondly, the 78.6% Fibonacci retracement level at around $42.90.
It’s possible that the coin may fall, touch the support level at $22.93 again, and then continue its upward movement. This is often referred to as a “break and retest pattern” – a commonly used indicator for the resumption of an existing trend.
If the price of Chainlink falls just a little below the $20 mark, it would contradict the optimistic price prediction and suggest further price decreases might occur.
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2024-12-13 15:18