LINK’s Potential Rise: Key Metrics Signal Growth Despite Recent Drop

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The Key Points

The cryptocurrency LINK has seen a decline of over 8% in the past week and has fallen out of the top 10 cryptocurrencies by market capitalization. However, some indicators suggest a possible upward movement for LINK in the coming week. A rise to 20 dollars and a return to the top 10 could be possible.

LINK’s Current Status

Crypto influencer Daan Crypto Trades recently highlighted the possibility of a LINK surge on Twitter. To better understand whether LINK could reach the 20-dollar mark again, AMBCrypto analyzed the on-chain metrics of LINK. According to this, the exchange outflow of LINK has increased several times in the past week, indicating high buying pressure on the token. In addition, the token’s MVRV ratio has increased in the past week, which is typically a bullish indicator and could suggest a price increase in the coming days.

Further Details on Chainlink’s Position

An analysis of Glassnode’s data by AMBCrypto revealed that Chainlink’s Network Transaction Value Ratio (NVT) has decreased. This ratio is calculated by dividing the market capitalization by the on-chain volume transferred in USD. A decline in this metric suggests that the asset is undervalued and the likelihood of an upward price movement is high.

Technical Analysis of LINK

To verify the possibility of a bull rally, AMBCrypto took a look at LINK’s daily chart. Here, the MACD showed a clear bearish advantage in the market. Furthermore, LINK’s Relative Strength Index (RSI) indicated a downward price movement. According to the Bollinger Bands, LINK’s price was below its 20-day Simple Moving Average (SMA), which could be a bearish indicator. However, the Chaikin Money Flow (CMF) remained bullish.

Our Assessment

Despite recent declines and mixed technical indicators, there are signs that LINK could strengthen its position and possibly reach the 20-dollar mark again. It remains to be seen whether these predictions will come true and whether LINK will be able to regain its position in the top 10 of cryptocurrencies by market capitalization.

Sources: Dipayan Mitra, Saman Waris, Daan Crypto Trades, Santiment, Glassnode, TradingView

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Casinos: 9
Profile Chainlink
Symbol LINK
Coin type Alt Coin
Transaction Speed Medium
Pros
  • Completely decentralized and much more anonymous than Bitcoin, for example
  • Deposits and withdrawals in seconds
Cons
  • Small selection of Chainlink casinos
Price 13,31 €
Percent Change 24h -0,65 %
Percent Change 7d -5,80 %
Percent Change 30d -14,68 %
Percent Change 60d -4,42 %
Percent Change 1y 170,82 %
Market Cap 7.820.132.167,00 €
Max. Supply 1.000.000.000
Official Links
Socials Reddit | X
Best 3 Chainlink casinos

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Last update: 11. June 2024

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