Crypto News – Over the past few weeks, one of the top-performing cryptocurrencies has been Chainlink (LINK), an Oracle service provider, which last week crossed the $8 threshold.
LINK Price Falls by 4%, Confusing the Minds as Everything is Going Well at Chainlink
However, the Chainlink rise seems to be coming to an end as the price of LINK is currently going through a significant retracement and has dropped by an even further 4.42% over the last 24 hours. LINK is currently trading at $7.67 and has a $4.2 billion market value. The Chainlink trade volume also increased 14.53 percent to $372,161,468.
Analysts Expect a Correction for LINK Price
A correction was anticipated by certain market observers based on the on-chain data built up after the recent bounce. The Market Value to Realized Value (MVRV) of Santiment provides the foundation for this. When Chainlink’s MVRV 30D topped 19% in the past, $LINK underwent considerable adjustments, according to data highlighted by Ali Martinez from @santimentfeed. A likely short-term correction before further upward movement is indicated by the fact that LINK’s MVRV 30D has reached 20% at this time.
On the other hand, if solid support cannot be found at the $5.565 level, Chainlink’s price may continue to fall. Consequently, it may make a new low and encourage selling pressure below this point. A further drop to $7 in the LINK price is possible, according to well-known market analyst Michael van de Poppe.
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