Ethereum Competitor Avalanche's Potential Surge and Bitcoin, Chainlink Market Outlook
A popular crypto market analyst recently provided insights on the potential future movements of Avalanche (AVAX), an Ethereum competitor, along with updates on Bitcoin (BTC) and Chainlink (LINK). These insights, shared with nearly 200,000 followers on social media, offer a glimpse into the expected market trends for these cryptocurrencies.
The analyst, known as Altcoin Sherpa, predicts a significant upward trajectory for Avalanche. Despite acknowledging the current risky market area, the trader believes in Avalanche’s momentum, forecasting a rise to the mid-$20s if it can overcome current resistance. After breaking past $22, the updated outlook sets a new target of $29.33 for AVAX, which is currently trading at $22.04, marking a 16.34% increase in the last 24 hours.
For Bitcoin, the analyst suggests a possible decline to the $35,000 level after failing to breach the $38,000 mark. The trader outlines a scenario where Bitcoin could potentially skyrocket past $40,000 if it strongly breaks the $38,000 area. Currently, Bitcoin is trading at around $36,006.
Regarding Chainlink, the analyst advises patience, indicating that it might retest lower Fibonacci levels after recent gains. Specific interest areas are identified at $12.50 and $11.50. Chainlink is currently trading at $13.99, having experienced a 3.93% decline in the last 24 hours.
Sergey Nazarov, co-founder of Chainlink, recently discussed the future of blockchain and its integration with traditional finance (TradFi) and real-world assets (RWAs). In an interview with Ash Bennington from Real Vision, Nazarov emphasized the critical role of Oracle networks, especially decentralized ones like Chainlink, in securing and verifying external data for blockchain applications. He explained how Oracle networks are essential for functionalities beyond the inherent capabilities of blockchains, such as data verification, computations outside the blockchain, and cross-chain communications.
Nazarov highlighted the importance of integrating RWAs with blockchain technology. He discussed Chainlink’s role in providing reliable data access and proof of reserves, essential for verifying assets like gold coins on the blockchain. This integration is crucial for the development of advanced DeFi protocols and the inclusion of RWAs in capital markets.
Addressing the convergence of TradFi and DeFi, Nazarov posited that TradFi is poised to become the largest customer of DeFi. He stressed the need for cryptographically reliable counterparts in DeFi transactions to surpass the reliability of traditional counterparts. Nazarov envisions a unified global internet of contracts where both TradFi and public blockchain entities rely on the same secure and reliable standards for transactions facilitated by Chainlink’s technology.
Nazarov also discussed the potential of blockchain technology during economic crises, viewing it as a key solution for creating a more transparent and reliable economic system. He anticipates blockchain technology’s adoption for its transparency and reliability, especially in times of economic instability.
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