Tradfi and defi improve link price RWA quality adoption

Key points:

At the RWA Summit Cannes Film Festival, Nelli Zaltsman, head of blockchain payment innovation at JPMorgan Kinexys, said decentralized finance and traditional finance are quickly converging. Banking giants Chainlink (Link) and Ondo Finance (Ondo) recently completed cross-chain delivery and payment (DVP) testing transactions involving allowed payment networks and public testing networks.

Can traditional institutions push OnChain to higher links? Let’s analyze the charts to find out.

Link price forecast

Link has been integrating over the past few months in a huge range of $10.94 to $18.

The Link/USDT pair has risen nearly $18 overhead resistance, which is likely to attract strong sales from the Bears. If the price drops from $18, but finds support in the 20-day exponential moving average ($14.85), positive sentiment is shown. This increases the likelihood of rest time. If this happens, the two will complete the double bottom mode with a target of $25.06.

Instead, if the price drops sharply from $18 and drops below the 20-day EMA, it indicates that the action of the distance range may last for several days.

Related: XRP will reach a market cap of $200B for the first time; price closes to record

The Bulls have been arresting the 20-EMA callback on the 4-hour chart, suggesting that every secondary inclination is being purchased. The two could lower it from $18, but the 20-EMA rebound suggests buyers are still under control. This enhances the prospect of breakouts beyond elevated resistance.

If the price drops sharply and breaks through the 50 simple moving average, this positive view will be invalid in the short term. Then, the two may drop to $14.70 and then to $14.

This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.