Will Chainlink (LINK) Coin Fall More in 2024?
NAIROBI (CoinChapter.com) — Chainlink (LINK) has seen a mixed performance in the past few weeks, with its price consolidating between $9 and $13, even as analysts predict a potential surge. Chainlink’s LINK token fell 5.49% in the past 24 hours, dropping to $11.79. However, this decline follows a 5% gain over the past week.
Chainlink (LINK) price chart. Source: CoinMarketCap Analysts Eye Chainlink’s Potential Surge to $13
Chainlink (LINK) is currently testing significant technical levels, showing a promising upward trend. After surpassing the 50-day simple moving average (SMA) at $10.91, LINK now approaches a major resistance at the 200-day SMA of $14.97. This level is crucial; breaking above could signal a sustained bullish phase, while failure might lead to a retest of lower supports.
LINK/USD 1-day price chart. Credit: TradingView
Moreover, looking at its historical charts, LINK’s Exponential Moving Average (EMA) lines formed a golden cross on September 17, and the price surged by 20% a few days after.
Pseudo crypto analyst, PostyXBT, predicted that Chainlink could soon reach $13, citing current market trends and technical signals.
LINK 1- week price chart. Credit: PostyXBT/X
Adding to the bullish sentiment, another analyst, Tradingjip, projects a possible rise to $13.80 in the upcoming weeks. This forecast is supported by the token’s 14-day relative strength index (RSI), consistently above 50, and a favorable volume-weighted moving average (VWMA), both of which indicate sustained upward momentum.
Pseudonymous analyst Michael van de Poppe expects the LINK value to increase by 150-300% against Bitcoin (BTC). He pays much attention to $21 as a crucial level of resistance. Exceeding this could take LINK to higher levels of prices to as high as $25 and $30.
Chainlink Partners with ANZ Bank for Cross-Chain Tokenization
Meanwhile, the Decentralized Oracle platform Chainlink (LINK) collaborates with ANZ Bank, one of Australia’s largest banks, for the tokenization of Real-World Assets (RWAs) within the framework of the Monetary Authority of Singapore’s Project Guardian. With more than A$1 trillion in assets under management, ANZ seeks to leverage CCIP from Chainlink to enhance secure Tokenization, trading, and settlement.
Chainlink partners with ANZ for Project Guardian. Credit: Chainlink/X
The partnership will allow ANZ to explore the interoperability between private blockchains, enabling the exchange of tokenized RWAs, such as commercial paper, in collaboration with Singapore-based investment firm ADDX.
ANZ’s Banking Services Lead, Angel Dobson, noted that tokenized asset markets are fragmented. The partnership aims to improve liquidity and efficiency in financial markets, with Chainlink enabling secure cross-chain asset exchanges.
In conclusion, as LINK consolidates, the market will be watching closely to see if it breaks through to $13 in the coming days.
The post Will Chainlink (LINK) Price Rise Any Further in October 2024? appeared first on CoinChapter.
