During Tuesday’s U.S. market session, the Chainlink price surged 2.2% to $11.97, while the market cap jumped to $7.51 Billion. This uptick is fueled by a bullish chart pattern and market speculation of BlackRock’s partnering with LINK to tokenize securities. Is altcoin poised for a $100 rally?
Chainlink Price if BlackRock Announces Partnership
During the New York Times DealBook event, the CEO of BlackRock, Larry Fink, highlighted that the next generation of the financial market would be the tokenization of securities. With Fink’s vision to tokenize everything—from stocks to real estate—on the blockchain, Chainlink is better positioned to become the leading network for Real-World Assets (RWA).
Chainlink’s technology, including its Cross-Chain Interoperability Protocol (CCIP), is tailor-made for this role, offering the ability to connect various blockchains and ensure the authenticity and stability of tokenized assets.
Thus, the crypto analyst ProfitRealm0 raises market speculation of a potential partnership between BlackRock and Chainlink. If this happens, the Chainlink price could witness a massive boost as LINK’s utility will skyrocket because of the RWA requirement for reliable, secure oracles.
While this partnership is speculative for now, the degree of its impact could be anticipated from Blackrock’s filing for Bitcoin spot ETF. Following the announcement, the BTC recorded a weekly gain of 20%, while the ETF launch eventually pushed the asset to a new high of $73,750.
BTC/USD -1d Chart
Will LINK Price Hit $100 After BlackRock Partnership?
In a recent tweet, the crypto trader ChartNerd highlighted the Chainlink price downtrend resonating within a channel pattern. Theoretically, the chart pattern drives a steady correction within two downsloping trendlines acting as dynamic resistance and support.
If the selling pressure persists, the LINK price could drive a 35.75% downfall to seek support at the $7.83 level. This region, which previously acted as a key supply zone, could now recuperate the bullish momentum for the next recovery leap.
The speculated Chainlink and BlackRock partnership could provide the necessary catalyst to breach the channel pattern. An upside breakout will accelerate the buying pressure and drive a rally to $100.
Chainlink price analysis| ChartNerdTA
Analyst and Expert Predict LINK Price to Hit $13 After HTF Breakout
Crypto analyst SilverBulletBTC shows a weekly analysis of Chainlink price as it forms a high tight flag. This chart pattern accentuates that the current correction is temporary and generally allows buyers to revive the exhausted bullish momentum.
A downsloping trendline drives the current downtrend in LINK coin and accentuates the sell-the-bounce sentiment intact among market participants. Currently trading at $12, the altcoin is 3.4% away from challenging the overhead trendline.
A potential breakout will be crucial to signal the continuation of the prevailing uptrend.
LINK/USDT – 1W – crypto bullet
Another crypto trade, CryptoBull360, shares the short-term outlook for LINK price as it rides the renewed sentiment of the ‘Uptober’ rally. The 2-hour chart shows a recent breakout from the ascending triangle pattern, signaling the potential for a prolonged recovery trend.
The Chainlink price prediction has recently offered a successful retest to the pattern neckline resistance and recently flipped to bullish support. The post-breakout rally is expected to drive a quick 8.6% surge to $13.
LINK/USDT – 2hr Chart | CryptoBull360
However, this altcoin could drive a prolonged correction if the overhead resistance trendline persists.
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