Chainlink’s LINK ‘Knocks on the Door’ of Top 10 Coins With 40% Explosion – But There’s a Big Catch

2023-10-23 12:15

Chainlink’s LINK token has experienced a remarkable price surge over the past 3 days, with its value exploding from $7.30 to $11 per token – a 50% increase. This has propelled Chainlink to the #12 spot by market capitalization, moving past major cryptos like Polygon, Dai, and Litecoin.

Investors are excited by the gains and looking for the best entry points to potentially ride an extended rally. However, crypto expert Ali is urging caution based on Chainlink’s price history and on-chain data. Let’s examine his analysis.

Concerning On-Chain Metrics

According to Ali, data from Santiment shows that the last three times Chainlink’s 30-day MVRV ratio surpassed 20%, LINK underwent a steep correction shortly after.

Ali points out that LINK’s MVRV recently crossed above 20% once again, suggesting another imminent correction could occur despite the strong upside price action.

History Repeats Itself

As technical analysis shows, history tends not to forget. The patterns and data suggest Chainlink could see a pullback even as it knocks on the door of the top 10 cryptocurrencies by market cap.

Savvy traders will watch the on-chain metrics closely rather than just the exciting price movement. With the MVRV flashing warning signs, prudent entries and risk management are critical despite LINK’s explosive gains.

Ali’s evidence demonstrates the potential downside risks still lurking beneath Chainlink’s surge. While the crypto’s bullish momentum could certainly continue, investors should be cautious and wait for confirmations rather than FOMOing in at any cost. The numbers suggest a correction could arrive shortly, so patience and vigilance are key.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Chainlink’s LINK ‘Knocks on the Door’ of Top 10 Coins With 40% Explosion – But There’s a Big Catch appeared first on CaptainAltcoin.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ChainLink (LINK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $17.68
Капитализация $0 Rank 99999
Цена в час новости $ 10.17 (-100%)

chainlink token past link propelled increase per

chainlink token → Результатов: 126


Фото:

Почему токен ChainLink побил очередной рекорд?

Стоимость альткоина ChainLink (LINK) на этой неделе выросла до нового максимума. В воскресенье, 24 января, на некоторых торговых площадках токен подорожал до $24,8. За последние 24 часа капитализация криптовалюты выросла на 3,54% до $9,642 млрд.

2021-1-24 10:14


Chainlink (LINK) surging: Don’t rush into buying, the pump phase is soon over

ChainLink has recently been performing really well in the market, so much so that it managed to briefly break into top 30 of the Coinmarketcap’s list of most valuable cryptocurrencies today. This positive price action which lasted ever since the beginning of last year’s December is showing no signs of stopping, as the token currently […] The post Chainlink (LINK) surging: Don’t rush into buying, the pump phase is soon over appeared first on CaptainAltcoin.

2019-1-15 19:17