Cryptocurrencies Price Prediction: Bitcoin, Monero & Chainlink – European Wrap 12 November

Bitcoin Price Forecast: BTC steadies around $104,000 as consolidation likely to persist amid market uncertainty

Bitcoin (BTC) price steadies around $104,000 at the time of writing on Wednesday after being rejected from a key resistance level, suggesting a consolidation may continue in the near term. The likely end of the US government shutdown and the return of key economic data could bring fresh volatility to the largest cryptocurrency by market capitalization. Meanwhile, US-listed spot Bitcoin Exchange Traded Funds (ETFs) saw a $523.98 million inflow on Tuesday, signaling improving institutional appetite.

With the US government shutdown nearing its end, the return of key economic data could trigger a repricing of Federal Reserve (Fed) expectations and fuel short-term volatility in Bitcoin. However, in the absence of a clear and sustained macro catalyst, current market conditions suggest that BTC is likely to remain sideways in the near term.

Monero Price Forecast: XMR recovers midweek amid lower retail interest

Monero (XMR) price surges by more than 4% at press time on Wednesday, breaking the streak of two consecutive days of losses. The privacy coin rebound lacks the support of retail interest, which is still low after the rough start to the week. The technical outlook for XMR remains mixed as buying pressure softens. 

Monero has experienced a pullback in retail interest so far this week, following last week’s surge in demand for privacy coins. CoinGlass data shows the XMR futures Open Interest (OI) is at $72.53 million, down from $97.98 million on Monday. The downward slope in XMR futures OI indicates a loss of risk appetite among traders, who are adopting a wait-and-see approach. 

Chainlink Price Forecast: LINK outlook improves as staking rewards and whale activity strengthen network demand

Chainlink (LINK) price steadies around $15.35 at the time of writing on Wednesday after finding strong support near the lower trendline last week, signaling renewed buying interest. The launch of Chainlink Rewards Season 1 could boost network engagement and token participation, potentially driving higher demand. Meanwhile, on-chain data also supports a bullish view, with rising social dominance, positive funding rates, and increased whale activity indicating confidence among LINK holders.

Chainlink launched the Rewards Season 1 on Tuesday, marking a major milestone in expanding its Build program and community engagement. The initiative allows eligible LINK stakers to earn token rewards from nine Build projects, such as Dolomite, Space and Time, XSwap, Brickken, Folks Finance, Mind Network, Suku, Truf Network by Truflation, and bitsCrunch, by allocating non-transferable reward points known as Cubes. These participants can begin allocating Cubes from November 11 to December 9, with token claims starting December 16 under a 90-day linear unlock schedule.