- Historical data showed that LINK’s could undergo a correction after its double-digit rally.
- Buyers seemed fatigued but traders have kept more long positions open.
A mind-blogging 35% hike in Chainlink’s [LINK] value has kept the token in the spotlight in the last seven days. Interestingly, the rally may not come as a surprise to analysts like Michael van de Popple who seemed to have made it his duty in life to talk about LINK’s potential.
Is your portfolio green? Check the Chainlink Profit Calculator
However, the token’s impressive run might take a break, according to Ali Martinez, another analyst with 31,500 followers of X (formerly Twitter). According to Martinez, LINK has the potential to undergo a steep correction because of the 30-day Market Value to Realized Value (MVRV) ratio.
LINK has to adjust because…
The analyst did not just come to a conclusion without the necessary checks. Actually, Martinez took his data from on-chain data provider Santiment and tracked LINK’s historical data before arriving at the inference.
Data from @santimentfeed shows that the last three times #Chainlink MVRV 30D surpassed 20%, $LINK underwent a steep correction!
Notice that #LINK MVRV 30D recently surpassed 20%, suggesting an imminent correction.
Go to Source to See Full Article
Author: Victor OlanrewajuDid you like this?
Tip BTC Newswire with CryptocurrencyDonate Bitcoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some bitcoin:Donate Bitcoin Cash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send bitcoin:Donate Ethereum to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Ether:Donate Litecoin to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Litecoin:Donate Monero to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some Monero:Donate ZCash to BTC Newswire
Scan the QR code or copy the address below into your wallet to send some ZCash:
