Crypto Price Prediction For January 17: LINK, CHZ, RNDR

Crypto Price Prediction: While the current correction trend may project weakness in Bitcoin price momentum. The volume number associated with Spot Bitcoin ETFs is projecting a different scenario.

Eric Balchunas Senior ETF Analyst for Bloomberg recently posted on X(formerly known as Twitter) the third-day development of the recently launched Bitcoin ETFs. he stated:

Day Three in books the total rolling NET FLOWS is +782M as the Newborn Nine have more than offset the the $GBTC Gouge (which is now up to -$1.2b after half a bil yest, ouch). The Nine’s $2b in aum and $4.5b in volume organic is fab for first 3 days, % prem solid too.

Currently, Bitcoin is experiencing a correction phase following its recent rally, a typical market response aimed at rebalancing the previously heightened bullish momentum. Despite this temporary pullback, the overarching trend for Bitcoin remains bullish, buoyed by encouraging advancements in the Spot Bitcoin ETF sector. This positive backdrop sets the stage for a potential upward shift in Bitcoin’s price trajectory, which is likely to have a cascading effect on altcoins, enabling them to share in the optimistic sentiment.

The positive outlook in the crypto market offers investors a chance to capitalize on dips, particularly in coins like Chainlink (LINK), Chiliz (CHZ), and Render (RNDR).

Is Chainlink (LINK) Price Ready to Regain $18?

Over the past two months, the Chainlink price has been fluctuating within a broadening wedge pattern, characterized by two diverging trendlines. This type of pattern is often associated with periods of heightened market uncertainty, and no initiation from buyers or sellers. 

However, the sentiment shifted with the recent approval of the Spot Bitcoin ETF, which had a favorable impact on several altcoins, including Chainlink. Following this development, the LINK price reversed its course from the $12.85 support level, marking a significant uptick. 

In just two weeks, the coin’s value soared by 28%, reaching the $15.89 mark and signaling the start of a bullish cycle within the wedge pattern.

Should Chainlink continue to follow this trajectory, there’s potential for a further 16% increase in price, targeting the Overhead Trendline at approximately $18.3. A decisive breakout from one of the trendlines would be necessary to establish a clear directional trend. 

Moreover, the coin’s recent ascent above its daily EMAs (20, 50, 100, and 200) underscores a positive shift in market sentiment, bolstering the bullish outlook for Chainlink.

Reversal Pattern Sets Chiliz (CHZ) Price for 25% Surge Ahead

Over the past seven months, Chiliz (CHZ) has underperformed compared to the overall recovery seen in the cryptocurrency market in 2023. However, an analysis of the daily time frame chart shows that the prolonged period of sideways trading for CHZ is forming a head and shoulders pattern, which is often a sign of a market reaching its bottom and laying the groundwork for a possible rebound.

On January 16, a notable surge in buying activity pushed the Chiliz price up by 20%, breaking through the key resistance level indicated by this pattern. If CHZ maintains its position above this critical trendline, it could potentially reach a new target of $0.134, equating to a 25% increase. 

The daily ADX slope shows a positive trend, hovering around 17%, suggesting that the buying pressure is strong enough to support an extended period of recovery

Will Render (RNDR) Price Soar to $5.3? Multiple Support Sets Stage New Recovery

As the market struggled with uncertainties over the Spot Bitcoin ETF, the Render (RNDR) coin experienced a notable correction towards the end of December. The coin’s value plummeted from $5.28 to $3.36 within a fortnight, marking a significant 36.2% decline. 

Despite this downturn, the robust support at the $3.5 level, coupled with the 38.2% Fibonacci retracement, has effectively stemmed further losses. This stabilization above key support levels may allow investors to reverse the downtrend and reclaim lost territory.

At the time of reporting, the RNDR coin is trading at $4.264, showing a promising intraday rise of 7.2%. It’s flirting with a bullish breakout from the immediate resistance of $4.38, a move that could pave the way for a surge past the $5.3 swing high. 

Indications from the MACD and signal line nearing a bullish crossover suggest that buyers are gathering strength for an impending upward movement.

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