Chainlink (LINK) About to Fall Off a Cliff? The Signals You Can’t Ignore

2023-10-2 10:36

Chainlink’s LINK token has seen a remarkable rally over the past month, surging around 30% to current levels around $8. However, data suggests the rally may be overextended and LINK could be due for a correction soon.

According to analytics provider Santiment, Chainlink’s 30-day MVRV ratio recently surpassed 20%. The last two times this ratio reached these levels, LINK underwent steep corrections, according to top analyst Ali. The MVRV ratio compares LINK’s market value to its realized value, acting as a sentiment indicator. High values suggest overextension.

In addition, LINK is approaching a key resistance zone around $8.50, which aligns with the highs from April and July. This area marks a reversal point where previous rallies have stalled out. The confluence of overbought signals and nearby resistance suggests LINK could be primed for a pullback.

On the daily chart, the recent rally in LINK appears exhausted, as shown by the bearish divergence between price and the RSI oscillator. This bearish setup would be confirmed by a break below the 21-day exponential moving average, which would open the door to a retest of support around $6.

To sum up, while Chainlink has seen impressive gains lately, multiple signs point to an overextended rally that is likely to reverse. LINK could be poised for a deeper correction of 30-40% in the near-term before finding support. Risk-averse traders may look to take profits or hedge long positions at current levels before the pullback plays out.

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 (LINK) About to Fall Off a Cliff? The Signals You Can’t Ignore appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana 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
Доступно / Всего 0 LINK

link around chainlink rally data however current

link around → Результатов: 94


It’s “Only a Matter of Time” Before Chainlink (LINK) Breaks $10.00; Here’s Why

Chainlink has been flashing signs of immense strength throughout the past few days, with the cryptocurrency currently consolidating around its all-time highs. Despite being unable to break into the double-digit price region, the strong market structure established as a result of its recent push higher is likely to allow for further upside in the near-term. […]

2020-8-7 00:00


Фото:

How Do Traders Short Bitcoin With Bexplus

How Do Traders Short Bitcoin? 3 Ways to gain profits on Bitcoin price falls Register on Bexplus via this link and get a permanent 10% trading fee discount. Bitcoin and cryptocurrency markets were suddenly sold off on December 17-18: the world’s largest crypto lost around $400 in price and dived deeply below the important psychological […] The post How Do Traders Short Bitcoin With Bexplus appeared first on BeInCrypto.

2020-1-1 14:03


Фото:

Bitly Blocks 200 Links From Andreas Antonopoulos’ ‘Mastering Ethereum’

Bitly (bit. ly) has come under fire from cryptocurrency circles after the business appeared to block all the links from Andreas Antonopoulos’ new book. Bitly Silent On Surprise Block Antonopoulos, who is weeks away from publishing his latest guide, ‘Mastering Ethereum,’ publicly took issue with the URL shortening service and link management platform on social media after a tip-off about it preventing around 200 of the book’s links from opening.

2018-11-4 17:00


New Zealand PM Used As Pawn In Fake News Site

Jacinda Arden, Prime Minister of New Zealand has had her face used by a fake news site in order to promote articles aimed at Facebook to encourage a crypto startup. A local media source, ‘Stuff’ reported on Friday that multiple sponsored posts have recently been promoted on Facebook by using the likeness of the New Zealand PM with headlines such as New Investment Plan For Kiwis which were targeted at several different age groups around the country.

2018-10-12 16:30