Is Bitcoin Back on Track? Analysts are keeping a close eye on the $62,000 level and if Bitcoin can turn this into support, it could avoid a steep decline like it saw in 2023. However, if it doesn’t hold, we could see some downward pressure until macroeconomic conditions change, especially with changes in US interest rates.
Two Altcoins to Focus On
There are bullish waves surrounding Chainlink, especially for those looking for exposure to Real World Assets (RWA). With the rise of tokenized assets, which could be worth as much as $16 trillion by 2030, Chainlink is positioning itself as a major player in this space.
According to analyst Altcoin Buzz, there is good news on the technical front for those holding Chainlink. The daily chart is showing a descending wedge formation, which is usually a bullish signal that sellers are losing momentum. With LINK holders showing strong commitment by holding on to their tokens, it seems that Chainlink is poised for a bullish breakout.
Why Chainlink? It’s all about their infrastructure. They’re already worth over $3 billion, excluding stablecoins, and they’re aiming to become the go-to platform for RWA. With partnerships like the one with SWIFT, Chainlink is poised to connect over 11,500 institutions globally. If you’re looking to tap into RWA, Chainlink might just be the way to go.
Sui has also made headlines with a 33% pump in the past 24 hours. This surge comes after the announcement of the Sui Name Service (SNS), which is moving towards decentralization. The SNS makes wallet addresses more user-friendly and launches its own governance token, which allows users to vote on the future direction of the protocol.
What about Bitcoin?
The market is abuzz with rumors of a potential death cross, a bearish signal where the 50-day moving average crosses below the 200-day moving average. Historically, a death cross is a harbinger of price declines, but that is not always the case.
