Is Chainlink (LINK) on the Verge of a 40% Price Breakout?

2023-8-24 21:00

Chainlink (LINK) price scored an 8% rebound on Wednesday, August 23, despite the prevailing FUD in the altcoin markets. Will investors hold out for a price breakout to avoid booking double-digit losses? 

Against the run of play, Chainlink (LINK) price registered a rare 8% price increase on August 23. On-chain analysis examines if LINK is on the verge of a price breakout or if the bears could reverse the gains in the coming days. 

Long-Term Investors are Holding Firm

Recent landmark partnerships and network integration announced by the Chainlink team appear to have inspired confidence among long-term investors. Indicatively, after a noticeable blip last week, LINK Mean Coin Age dipped toward 35.70. But as of August 23, it has reached 40.3, representing a 13% increase. 

Will Chainlink (LINK) Price Breakout? | Mean Coin Age | Aug 2023, Source: Santiment

The Mean Coin Age data is a vital measure of the overall sentiment among long-term investors. It is derived by estimating the average number of days coins in circulation have spent in their current wallet addresses.  

An uptrend in Mean Coin Age indicates a positive disposition among the long-term investors on the Chainlink network. 

If they continue to HODL, the Chainlink (LINK) could enter a sustained price breakout. 

Ride the crypto wave with confidence. Predict the LINK price here.

Current Prices are Still Unfavourable for Most Holders

Despite the sizeable 8% price gain on August 23, most LINK holders could book double-digit losses if they sell instantly. As depicted in the MVRV chart below, most crypto investors who bought LINK in the last 30-days hold 14% unrealized losses. 

Will Chainlink (LINK) Price Breakout? | MVRV data | Aug 2023, Source: Santiment

The Market Value to Realized Value (MVRV) ratio analyses holders’ net financial position. The chart above depicts that most holders that acquired LINK in the last 30-days could lose huge if they sell early. 

Hence, LINK traders could hold out until the price breaks above $7 to avoid double-digit percentage losses. 

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LINK Price Prediction: Potential Retest of $10

Considering the abovementioned on-chain indicators, Chainlink bulls could push the ongoing price breakout toward $10. 

The In/Out of Money Around Price data depicts the purchase price distribution of current investors within the Chainlink ecosystem. It highlights that the LINK price will face initial resistance around $7.

As shown below, the 22,560 holders had bought 273.5 million LINK at the maximum price of $6.80. Chainlink’s price could enter a bearish reversal if they book early profits. 

But if the bulls can push past that resistance, the LINK price could break out toward $10. 

Chainlink (LINK) Price Prediction | IOMAP data, Aug 2023, Source: IntoTheBlock

Still, the bears could invalidate the price breakout prediction if the LINK price drops below $6. 

Although 18,570 addresses had bought 240.4 million LINK at the average price of $6.25. The price breakout could continue if the Chainlink holders remain unwilling to sell as predicted.

But if that support level caves, the LINK price could drop to $5. 

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

The post Is Chainlink (LINK) on the Verge of a 40% Price Breakout? appeared first on BeInCrypto.

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