Tokenised Real World Assets May Push Chainlink Price 50% Higher?

The chainlink price analysis illustrates a breakout over the daily chart. The bulls seem to be dominating the trend at the moment. The Link price showed a drawdown from a round level of $8.5. Moreover, the bulls accumulated near the $6 round level and registered a breakout.

Chainlink crypto price trades at $6.60, with a gain of over 6% in the past 24 hours. The price has reentered bullish territory and showed a breakout of the accumulation with a high volume, indicating the buyer’s commitment to the crypto’s upward trajectory.

The technical indicators imply that the crypto has surged above the 50-day EMA, signaling strength of the bulls in the short-term. The breakout above the 200-day EMA may add more gains to the price as it might invite more buying volume to pump the prices above the $10 mark.

Also, the price has shown bullishness ahead of the chainlink news hovering in the market about the initiation of the “Tokenized real-world assets (RWAs)”. The Chainlink Twitter handle has reported that the “tokenized real-world assets are just being started but the adoption rate is getting exponentially faster”.

The price prediction of the Chainlink over the weekly chart (LINK) shows that the coin price has been maintaining a range with a lower level of $5 and an upper level of $9 for the last 400 days. The price is being traded continuously in a range of 40%.

The Live Chainlink price is $6.62 USD, and it has increased by 6.39% in the past 24 hours. Chainlink has a market capitalization of $3,684,953,996 USD, which makes it the 19th largest cryptocurrency by market cap. There are 556,849,970 LINK coins in circulation, out of a maximum supply of 1,000,000,000 LINK coins.

Chainlink Price Showed A Breakout After A 30-Day Accumulation.

The daily chart structure of the LINK crypto demonstrated that the crypto has decisively defended a lower level of $6 and bounced from there. Additionally, the bulls have firmly established their position near the $6 demand zone and the price has successfully retested. The price may show gains of over 30 to 50% in the coming sessions to reach upper supply levels of $8 and $10.

The volume analysis shows that the LINK crypto has received a trading volume of $196.49 Million, Up by 117% for the last day’s volume. The daily volume received is more than the average volume of the last 10 days indicating strength over the charts. The volume-to-market cap ratio is 5.21% indicating mild volatility.

Technical Indicators Show Strength Over The Charts In The Short-Term.

The EMA analysis shows that the LINK price has surged gain above the 50-day EMA indicating short-term strength over the charts.

At the time of publishing, the RSI and MACD lines are showing a positive crossover with a divergence signaling the continuation of the bullish trend.

Conclusion

Chainlink is a cryptocurrency that connects smart contracts with real-world data. The price analysis demonstrates that Chainlink has shown a breakout over the daily chart and has reentered bullish territory. The price has also hiked ahead of the Chainlink news and the technical indicators that support the upward trend. The Link price may show gains of over 30 to 50% in the future and reach upper levels of $8 and $10. The technical indicators are bullish and show the resumption of the bullish trend.

Technical Levels

Support levels: $5.805 and $5.025.
Resistance levels: $7.735 and $8.575.

Disclaimer

The views and opinions stated by the author or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.