Altcoins
Chainlink (LINK) is the best Altcoin bet right now! here’s why
After being caught in a market correction over the past few weeks, Chain link (LINK) the price established a strong support range between $12 and $13. The mid-sized altcoin, with a fully diluted valuation of around $15 billion, has rebounded more than 6% over the past two weeks to trade around $14.8 in early trading Monday. New York.
However, the continued crackdown on crypto regulation by the United States Securities and Exchange Commission (SEC) weighed significantly on bullish sentiments. In the latest update, the US SEC published Robin Hood Markets with a Wells notice regarding its crypto business.
Chainlink price rises ahead of major uproar
According to popular crypto analyst Michaël van de Poppe, Chainlink price is currently preparing to hit a new all-time high (ATH) after a successful retest of a bullish breakout against the US Dollar. The crypto analyst further highlighted that LINK price has retested its cycle low against Bitcoin (BTC) over the past few weeks.
After LINK price successfully emerged from a horizontal consolidation in the coming weeks, Poppe believes the altcoin is well poised for a near 10x rally shortly. After forming a daily reversal trend against the US Dollar, LINK price must consistently close above $18 to defend upward momentum.
Why bet on LINK
The Chainlink network, through the Cross-Chain Interoperability Protocol (CCIP), has become a respectable Web3 platform enabling seamless tokenization of real-world assets.
Oracle Chainlink datasets are used by dozens of Web3 platforms such as AAVE and Synthetix, among others. Remarkably, the Chainlink network boasts over $10 trillion in activated transactions.
Also discover: Chainlink Price Prediction 2024-2025: Will LINK Prices Reach $100 by 2025?