Tuesday, February 27, 2024

LINK Eyes Breakout as Chainlink Fuels RWA Tokenization Boom.

On the daily timescale, Chainlink (LINK) price volatility is still evident as the price moved horizontally between the 50% and 100% Fibonacci levels, or $11.66 and $17.74, respectively, within a broad but fixed range.

Powering RWA tokenization is Chainlink.
The price of Chainlink (LINK) appears poised for an upward shift, despite the network’s promotion as “the only platform that can power tokenized RWAs at scale.” Real World Assets, or RWAs for short, are well-known financial commodities that have been tokenized and introduced into the DeFi arena through blockchain technology.

Higher highs on the Relative Strength Index (RSI), which indicates that momentum is building, suggest that a 5% move higher to test the 78.6% Fibonacci level at $15.14 may be in store for the Chainlink price. The Awesome Oscillator (AO) histogram bars are also getting stronger, which is proof that the bulls are gaining ground.

Increased activity from LINK bulls may help the price of Chainlink break through the previously indicated barrier and even surpass the range high of $17.67, or in an extremely bullish scenario, fill the market range at $17.74. This would represent gains above current levels of over 23 percent.

In contrast, if LINK investors book profits on the 7% gains over the previous three days, Chainlink’s price could decline and lose the support of the most significant Fibonacci level, which is 61.8% at $13.09.

Should things go bad, it might descend further to the 50% Fibonacci level at $11.66, possibly piercing the market range and retracing the 38.2% Fibonacci level at $10.22. This would indicate a decline of around 30% from the present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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