Chainlink (LINK) Price Prediction – LINK Sheds Previous Gains; Will it Rebound?
Chainlink (LINK) price has decreased slightly today, September 21, after posting notable gains yesterday. As of 11:32 AM EST, LINK is trading at $6.75, representing a price decline of 1% in the last 24 hours.
Today's price movement suppresses the hopes of a bullish recovery from the token's ascent yesterday, casting doubts about its potential to reach a new high.
LINK Gained 11% In 7 Days. Will the Recent Bearish Trend Persist?While experiencing a temporary downturn today, this coin has demonstrated resilience over the past seven days and one month.According to CoinMarketCap, Chainlink (LINK) still holds an 11% seven-day price increase, with a nearly 9% in the last 30 days despite the prevailing bearish pressure.
This indicates that there's still hope for a rebound, but only if the bears relent.
ANZ Leverages Chainlink's Protocol, Will This Affect LINK?Chainlink has witnessed a few positive ecosystem developments, which might fuel a price rally for LINK in the long run. An example is the successful completion of the stablecoin test transaction conducted using Chainlink's CCIP by ANZ, one of Australia's major banks.
According to the report, Chainlink's CCIP allows easy and secure transfer of data and value between different blockchains.
.@ANZ_AU, one of the largest institutional banks in Australia, used Chainlink #CCIP to successfully demonstrate a cross-chain purchase of tokenized assets with A$DC, an ANZ-issued stablecoin of the Australian Dollar: https://t.co/l9iPE2JuWD
- Chainlink (@chainlink) September 14, 2023
Chainlink added.
This new development builds on the lessons learned from the recent Swift blockchain interoperability initiative,
This development could potentially impact the price of LINK, as it projects Chainlink as a reliable network, a feat that could attract more users and partnerships for the project.
Chainlink's Successful Swift Experiment Sparks Surge in Whales' Holdings: Potential Impact on LINK PriceAli, an expert in cryptocurrencies, noticed something interesting. After a successful test with Swift, big holders of Chainlink (whales) bought over 4 million LINK coins, worth about $24 million, in just ten days.
#Chainlink whales have purchased over 4 million $LINK in just the last 10 days, totaling a staggering $24 million! pic.twitter.com/izwgndcMWM
- Ali (@ali_charts) September 9, 2023
Remember, on August 31, Swift and Chainlink tested moving values on different blockchains, and the results came out on September 7. Importantly, this news might influence the price of LINK as significant purchases by deep-pocket investors can influence market sentiment and price up.
LINKUSDT Analysis: Signs of Bullish Momentum
LINK attempts to break above the Donchian Channel indicator, suggesting a potential bullish momentum. This move signifies positive market sentiment and may indicate an upward trend.
Also, the Relative Strength Index (RSI) is at 70, and the Moving Average Convergence Divergence (MACD) is above the signal line. This observation indicates a strong bullish pressure in the market.
Furthermore, it's important to note that during strong, bullish trends, the RSI can remain in overbought territory for extended periods. In addition, the MACD being above the signal line indicates positive momentum and a potential upward trend.
The reason is that the MACD measures the difference between two moving averages and is used to identify changes in the strength, direction, momentum, and duration of a trend. Overall, the combination of a high RSI and a MACD above the signal line suggests significant buying pressure in the market.
Based on historical price moves, LINK could recover from the present bearish pressure, pushing to new highs in the coming days.However, traders should always exercise caution and consider other factors like volume and market news before making trading decisions.
Chainlink (LINK) Alternative to Consider
Considering the unpredictable crypto market, diversifying investments is wise. Bitcoin BSC, an upcoming project that promises to replicate Bitcoin's early boom, is set to launch on the open market soon.
With over 7,000 Twitter followers, Bitcoin BSC is bullishly penetrating the crypto industry, ready to become the next moonshot. Its presale has now raised more than 4 million in just a few weeks and is a few steps from reaching its hard cap of $6 million. This means investors need more time to get on board.
Bitcoin BSC: Advantages and Accessibility on Binance Smart ChainThe project employs similar fundamentals as BTC and has a total supply of 21 million coins equivalent to Bitcoin's. The majority of its supply (69%) goes to staking rewards.
What makes BTCBSC unique is its stake-to-earn model, which allows token holders to earn passive income (APY) by locking up their tokens over some time. It also creates scarcity, boosting the token's price in the long run.
Bitcoin BSC Gains Strong Backing from Influential Analysts and Platforms
Prominent analysts see big potential for Bitcoin BSC. YouTuber Jacob Bury believes it could grow ten times, possibly reaching $9.99. With over 380K subscribers, Joe Parys Crypto calls it a top Bitcoin alternative for 2023, providing significant exposure.
Major crypto platforms like Finbold, InsideBitcoins, and CoinMarketCap have also covered Bitcoin BSC's presale. BSC offers faster, cheaper transactions, making Bitcoin BSC more efficient than Ethereum-based BTC20.
Bitcoin Cash has shown robust performance, surging more than 110% since June. This historical data suggests that Bitcoin copycat coins have proven successful. If Bitcoin BSC follows a similar footpath, its price could skyrocket in the coming months.
$BTCBSC trades at $0.99, an attractive entry-level price for investors. Moreover, this price is equivalent to Bitcoin's value in 2011 before its explosive rally. Visit the presale website to buy the tokens before they sell out.
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