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    Chainlink Price Prediction: LINK poised for a move up as network powers tokenized RWAs at scale

    Source Fxstreet
    January 28, 2024 04:30
    • Chainlink price has recorded massive volatility since November, trading within a fixed range for all this time.
    • LINK could rise 5% to test the 78.6% Fibonacci level at $15.14, last tested on January 2.
    • The bullish thesis will be invalidated upon a daily candlestick close below the 61.8% Fibonacci level of $13.09.

    Chainlink (LINK) price volatility remains visible on the daily timeframe, as the price moved horizontally within a wide but fixed range between the 50% and 100% Fibonacci levels of $11.66 and $17.74 respectively.

    Also Read: Chainlink price gains could extend riding on bullish on-chain metrics

    Chainlink powering RWA tokenization

    Chainlink (LINK) price looks ready for a move north even as the network advertises as “The only platform that can power tokenized RWAs at scale. RWA abbreviates for Real World Assets, defining established commodities from traditional finance, tokenized and brought over into the DeFi space using blockchain technology.

    Meanwhile, the Chainlink price may be poised for a 5% move north to test the 78.6% Fibonacci level at $15.14, with the Relative Strength Index (RSI) recording higher highs to show growing momentum. The histogram bars of the Awesome Oscillator (AO) are also gaining strength, evidence of the bulls gaining ground.

    Enhance activity among LINK bulls could see Chainlink price overcome the aforementioned blockade, going as far as to clear the range high of $17.67, or in a highly bullish case, fill the market range at $17.74. This would constitute nearly 23% in gains above current levels.

    LINK/USDT 1-day chart

    On the flipside, if LINK holders book profits for the 7% gains made over the last three days, the Chainlink price could descend, losing the support offered by the most critical Fibonacci level, 61.8% at $113.09.

    In the dire case, it could extend the fall to the 50% Fibonacci level at $11.66, potentially breaking below the market range as it retraces the 38.2% Fibonacci at $10.22. This would denote a nearly 30% fall below current levels. 

    Disclaimer: For information purposes only. Past performance is not indicative of future results.