Chainlink (LINK) Price Aims for ATH Fueled By Bitcoin Profits

The post Chainlink (LINK) Price Aims for ATH Fueled By Bitcoin Profits appeared first on Coinpedia Fintech News

Chainlink (LINK), a significant blockchain network that democrats smart contracts through the harmonization of real-world data and web3 platforms has significantly benefited from the ongoing mass adoption of digital assets. The Chainlink network is used by dozens of institutional investors to enable real-world assets (RWA) tokenization and the secure integration of different blockchains.

As a result, Chainlink’s price has registered tangible gains since the bullish breakout last October, and more upside movement is anticipated to be recorded shortly. 

LINK Price on the Precipice of Major Bullish Uproar

Chainlink price has been rising in the past few months, best described by higher highs and higher lows. However, the mid-capped altcoin has faced a significant resistance level of around $20, slowing the bullish momentum. 

Nevertheless, the bullish momentum is expected to continue as the meme coin frenzy gradually wanes and the crypto cash rotation continues.

Chainlink is still at cycle lows, in the $BTC pair.

This is very likely going towards a test of the all-time high once this pair reverses. pic.twitter.com/95J9Y3MkwX

— Michaël van de Poppe (@CryptoMichNL) March 7, 2024

According to a popular crypto analyst Michaël van de Poppe, the LINK price against the U.S. dollar is awaiting a bullish signal from the BTC pair. Notably, the LINK/BTC pair is currently establishing a bear market double bottom, which could easily yield a new higher high.

Bitcoin Price Faces Short-Term Bearish Pressure 

The key support level for #Bitcoin stands at $66,112, marked by a substantial volume of over 306,676 $BTC transactions. Should #BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone. pic.twitter.com/etuBRlvIOR

— Ali (@ali_charts) March 7, 2024

After teasing the all-time high (ATH) earlier this week, Bitcoin’s bullish momentum is expected to cool down in the coming weeks and pave the way for a second wave of altseason. With the fourth Bitcoin halving on the horizon in less than 45 days, Bitcoin price is not likely to drop violently amid the heightened demand from institutional investors.

According to an on-chain analysis of Ali Martinez, Bitcoin will find a solid support level of around $60,600 in case of a sudden selloff.