Ranked 14th in the market in the last 30 days Chainlink’s (LINK) has pleased its investors with its 22% increase in price. This increasing value, based on the interest in the market, has made LINK one of the top 20 cryptocurrencies that gained the most during the mentioned period. Despite this latest appearance of Chainlink, there is only one question on investors’ minds. Will the rise continue?
Chainlink (LINK) Comments
IntoTheBlock According to data provided by LINK, Coin Holding Period has increased by 677% in the last 1 month. The metric in question reveals what kind of investment idea investors currently adopt, whether they prefer to sell their assets or hold them. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The scenario where the holding period of the asset in question decreases suggests that investors are already selling, which may indicate a decrease in price. On the other hand, an increase in the metric in question indicates that investors have not sold the token and continue to hold them with confidence, and have an upward target.
In addition, the bullish outlook could also cause the current LINK supply on the trading side to decrease, potentially contributing to an upward price movement. Another critical factor that reveals the rise in LINK in the last month can be interpreted as the Market Value/Realized Value (MVRV) ratio.
The MVRV ratio provides investors with the level of unrealized profit or loss, while also revealing the bottom and top points of the market. An increase in this ratio also reveals the existence of a high level of unrealized profit and reflects the increasing probability of investors making a profit. An excessively high value may cause increased concerns about a correction in price.
Conversely, when the MVRV ratio drops, it means that unrealized gains are low, reflecting low value. As seen in the chart above, Chainlink’s 30-day MVRV ratio was around 13.56%.
Historically, it has been observed that the metric tends to rise by up to 20% during periods when it is at this level. If historical data and the current trend complement each other, it can be seen that the LINK price finds buyers much above the $ 12 level.
LINK Price Prediction
LINK’s In daily chart reviews, the Parabolic Stop and Reverse (SAR) revealed that LINK’s ongoing uptrend may not be what it seems. Looking at the chart below, the series of dots above and below the price reveal which direction the cryptocurrency could be heading.
In general, the scenario where the dots remain above the price suggests that a sell-off could occur. However, as of press time, the Parabolic SAR was below the $12.55 value for LINK. In the scenario where this situation continues, the LINK price can be seen continuing its rise.
The recent price action in the market shows that the bulls are preventing the LINK bears from pushing the price down. As seen in the chart above, a scenario where Chainlink’s price moves towards $13.65 could occur.
A price move above the mentioned level could reflect a rally for the cryptocurrency towards $14.96. On the other hand, if the bears gain power and trigger bearish momentum, the token could be seen dropping to $10.48.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
