🔗 Grayscale Bets Big on Chainlink — ETF Filing Shakes Up the Oracle Game
After falling wedge pattern breakthrough, Chainlink targets $26.75 18% increase.
Grayscale filed the Chainlink ETF S-1 with the US SEC.
The MACD and RSI indicators support LINK's technical strength.
Chainlink (LINK) rose beyond $23.00 on Monday after Grayscale filed with the SEC to form a LINK exchange-traded fund.
Grayscale Chainlink ETF launch files
Grayscale filed an S-1 with the SEC to offer a Chainlink spot ETF. The software supports Grayscale's goal of expanding digital asset access beyond Bitcoin (BTC) and Ethereum.
A Chainlink spot ETF would follow LINK's price in real time, giving institutional investors stock market access. The ETF would be one of the first to give regulated exposure to Chainlink's decentralized oracle token if authorized.
Grayscale plans to debut the ETF on NYSE Arca as GLNK, according to the application. Reuters reports that Grayscale Investments Sponsors, LLC and Grayscale Operating, LLC co-sponsor the trust.
Retail interest in Chainlink is rising, with futures Open Interest (OI) averaging $1.58 billion on Monday, up from $1.47 billion on Friday.
If OI, the notional value of existing futures contracts, stabilizes in the following days, LINK demand may improve, supporting the short-term optimistic view. Traders believe LINK can maintain the rally with a higher OI.
Chainlink broke out of a falling wedge formation on the 4-hour chart below and is just over $23.00. Oracle tokens are above the 50-period Exponential Moving Average (EMA) support at $22.87, confirming their short-term bullishness.
The falling wedge pattern breakout predicts an 18% gain to $26.75.
A 4-hour closing above the 100-day EMA resistance at $23.12 and a rising RSI at 57 are positive indications. Higher RSI suggests positive momentum as traders increase exposure. If profit-taking dominates, the 50-period EMA at $22.87 and 200-period EMA at $22.43 may absorb selling pressure.
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