According to crypto analyst Ekta Mourya, Chainlink (LINK) is in a short-term uptrend. The analyst says Polygon (MATIC) is on the way to recoup its recent losses. However, the analyst is yet to see any bullish catalyst for Ripple (XRP).
LINK prepares for a 10% price rally
Chainlink (LINK) price is in a short-term uptrend, with the asset near the key $7.41 resistance level. While LINK has previously flipped this hurdle into a support base, traders are waiting for a climb above key resistance to confirm that the uptrend continues. LINK has gathered strength on crypto Twitter since the announcement of DeFi scaling, in which Chainlink proposes the tokenization of real-world assets on a global scale.
The LINK price increased by about 50% between December 31st and February 20th 2023. LINK is currently struggling with resistance at $7.41 since the consolidation that started on Feb. 24. During the consolidation phase, the altcoin price approached the $7.14 support. The setup on the LINK 4-hours price chart predicts a 10% rise and a bullish target of $8.28. A 10% rally on LINK could move the asset to its target of $8.28.
LINK price chartAs seen in the chart above, there are three key resistance levels on the LINK price chart at $7.41, $7.52 and $7.93. The altcoin price target is at $8.28. The Relative Strength Index (RSI), a momentum indicator, rose to 41.66. This points to the underlying strength of LINK’s recovery as the RSI stays above the oversold zone and continues to climb towards neutral at 50.
MATIC accelerates to make up for recent losses
MATIC, the native token of Ethereum scaling solution Polygon, is on track to recoup its recent losses. The Polygon network entered into a series of partnerships with famous brands such as Mastercard, Starbucks and helped MATIC gain popularity as the largest Ethereum side-chain token. MATIC price is currently in a short-term uptrend that started in the first week of January 2023.
The Ethereum scaling solution’s token touched the ascending trendline and bounced higher on the 4-hour price chart. The support zone between $1.0811 and $1.3457 is key to MATIC’s recovery. Once the price exits the support zone, it is likely to climb the 50% Fibonacci Retracement level to $1.6195.
MATIC 4-hour price chartThe Relative Strength Index (RSI), a momentum oscillator, has bounced from the oversold zone to 37.42, pointing to higher fundamental strength in the recent uptrend. A drop below the ascending trendline could invalidate the bullish thesis for MATIC price.
Is there a catalyst for XRP?
cryptocoin.com As you follow, RippleX developers proposed a hacker-safe cross-chain bridge in a recent tweet. The proposed standard will ensure the security of assets on the cross-chain bridge. Meanwhile, XRP price continued its short-term downtrend in the absence of a bullish catalyst. The team of technical experts presented the XLS-38d on Github for the proposed cross-chain bridge. In order to expand potential use cases and increase interoperability between different Blockchain networks, Ripple’s expert team has come up with a solution.
According to the proposal submitted to Github, the XRPL standard lays out the guidelines and specifications for developers to build this cross-chain bridge solution for users. Market participants can lock tokens in one account on the XRP Ledger, while an equivalent amount of tokens can be issued on another Blockchain. Ledger’s native token, XRP, has lost about 10% over the past month. The altcoin is in a short-term downtrend that started on January 24, 2023. The latest development update can overcome the challenge of effectively transferring smart contracts and NFTs from one Blockchain to another with the security of XRP Ledger.
