April

Chainlink

<p><strong><a href="https://captainaltcoin.com/chainlink-link-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Chainlink’s LINK token</a> 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.</strong></p> 
<p>According to analytics provider Santiment, Chainlink’s 30-day MVRV ratio recently surpassed 20%. The last two times this ratio reached these levels, LINK <strong>underwent steep corrections</strong>, <a href="https://x.com/ali_charts/status/1708741101820252406?s=20" target="_blank" rel="noopener noreferrer nofollow">according</a> 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.</p> 
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<p>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.</p> 
<p>On the daily chart, <strong>the recent rally in LINK appears exhausted</strong>, 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.</p> 
<p>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.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/chainlink-link-about-to-fall-off-a-cliff-the-signals-you-cant-ignore/">Chainlink (LINK) About to Fall Off a Cliff? The Signals You Can’t Ignore</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

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

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