Will Chainlink Price Rally 50% Amid BlackRock Partnership Rumors?

Chainlink price has recently faced a market correction following its impressive rally over the past month. The LINK price has seen a bullish trend recently following the crypto market, with BTC hovering above $98k. Despite this temporary setback, analysts suggest a potential 50% surge in price, fueled by ongoing market optimism and speculations surrounding a possible partnership with BlackRock. However, bearish indicators signal caution for investors navigating the current trends.

Chainlink Price Comeback Likely Amid BlackRock Partnership Rumors

Market enthusiasts are concerned about rumors surrounding a potential partnership between BlackRock and Chainlink, sparked by recent reports of private discussions and meetings during the Abu Dhabi Finance Week.

The speculation suggests the collaboration might involve leveraging Chainlink’s smart contract technology to reshape traditional financial markets. Some anticipate that an announcement could surface in 12 to 24 hours after the event.

Readers need to note that these rumors or speculations are still theoretical. But if true, this news could add a tailwind and help in Chainlink price recovery. Let’s move to technical analaysis to see what LINK holders can expect.

The LINK price has seen a slight market dip of 7% currently hovering at $23.32. In the past month the best altcoins have more than doubled in the past few days. The crypto market is trading in sideways trend with most of altcoins seeing a slight market corrections. Bitcoin price has dipped below the $100k level after a month of massive surge.

Will LINK Price Hit $30 This Week?

The Fibonacci retracement and extension levels provide insight into potential targets for LINK’s recovery. The immediate resistance lies at the 50% Fibonacci level of $24.74. A sustained break above this level could open doors for further gains toward the 100% Fibonacci level at $26.90. 

Above that, bullish momentum might drive Chainlink price prediction to the 1.618% Fibonacci extension at $29.57 and, ultimately, to the 2.618% extension at $33.90. The latter represents a 50% rally from the current price, making it a significant milestone if the market sentiment aligns with potential BlackRock partnership in announcements.

The Relative Strength Index (RSI) is hovering around the 43, indicating that LINK is recovering from oversold conditions. This suggests that buyers might regain control if momentum strengthens. The Awesome Oscillator (AO) shows signs of transitioning from bearish to bullish momentum. A green histogram bar would confirm increasing buying pressure in the short term.

However, traders should remain cautious as the invalidation level stands at $20.96. A breach below this level would nullify the bullish outlook and expose LINK to further downside risks. On the lower end, the $18.74 level could serve as the next major support if the bearish scenario plays out.

In conclusion, the current situation of the Chainlink price indicates a potential for a come back courtesy of technical analysis and BlackRock rumors. However, if buyers are to break through barriers and start buying in large quantities, there are certain levels that traders should look for.