- LINK depreciated by 3.21% in just 24 hours
Despite the fall in price, however, market sentiment remained largely positive
As a researcher with extensive experience in the crypto market, I’ve closely monitored LINK‘s recent price action and market sentiment. The past 24 hours have seen a depreciation of 3.21% for LINK, yet surprisingly, the overall market sentiment remains positive.
In recent weeks, the prices of most altcoins have dropped significantly. During this time, Chainlink (LINK) has entered a prolonged phase of price stabilization. Although it too experienced some price decreases, with a 3% drop in the last day being an example. Despite these declines, there seems to be a generally optimistic outlook among investors. Is there any explanation for this?
What’s driving LINK’s market optimism?
In the midst of market fluctuations, several factors have aimed to boost LINK‘s price trend. To begin with, Coinbase Derivatives applied for CFTC approval to list LINK-linked Futures contracts. Unsurprisingly, this news has instilled a sense of optimism among investors.
One significant influence shaping market opinion is the buzz surrounding potential LINK Exchange Traded Funds (ETFs). As per Chainlink Red Pill’s revelation, there are rumors that LINK ETFs might soon be introduced.
As an analyst, I’m observing the development of a $LINK Exchange-Traded Fund (ETF). From a timing perspective, things seem to be falling into place quite nicely. My goal is to make it as convenient as possible for Tradfi to acquire $LINK when Sergey begins heavily utilizing Chainlink for Relevant Waypoints (RWAs). The pieces are coming together smoothly.
These two significant events have greatly influenced the market’s perception towards LINK. Consequently, several members of the cryptocurrency community anticipate setting higher price goals for this altcoin. Notably, influential crypto analyst Swing Tony is one of them, strongly believing in LINK’s potential growth.
Based on current market conditions, it’s plausible for the value of $LINK to reach approximately 0.0009 Bitcoin in this market cycle. If Bitcoin hits $75,000, Link’s price would be around $67 under such circumstances. Conversely, a $150,000 Bitcoin price tag would lead to a Link value of about $135.
What do LINK’s fundamentals suggest?
As a crypto investor, I’ve noticed some promising developments in the market based on AMBCrypto’s analysis of CryptoQuant. Specifically, Chainlink (LINK) has shown positive signs on the charts. Its exchange supply ratio dropped significantly from 0.161 to 0.159 within a week. This decline suggests that more LINK tokens are being taken off exchanges and moved to private wallets, potentially indicating strong buyer demand.
As an analyst, I would interpret a decrease in the exchange supply ratio as follows: This trend suggests that LINK holders are transferring their assets from exchanges to personal wallets, demonstrating their faith in the coin’s future value. Simultaneously, this action results in less selling pressure on the market, which contributes to the upward movement of LINK prices.
Our study revealed that the Aroon Up line registered a reading of 7.14%. The Aroon Up line serves to evaluate the strength of a trend and signifies potential price reversal points. A reading of 7.14% implies a robust and steadily strengthening trend.
As an analyst, I can say that the Average Directional Index (ADX) highlighted the persistence of an uptrend based on its measurement of trend momentum.
As a crypto investor, I’ve noticed that according to Santiment’s latest data, there has been a significant decrease in exchange inflows over the past week. These inflows dropped from a peak of 209,000 to just 71,138. This trend might indicate a high accumulation rate among investors, meaning fewer coins are being sold and more are being held, potentially leading to less selling pressure in the market.
What next for LINK?
As a crypto investor, I’m observing that at the current moment, LINK is being traded at a price of $13.83, following a significant surge from its previous mark of $13.624. If the optimistic market trends persist, it’s likely that LINK will encounter its next resistance level around $14.52.
In an optimistic outlook, surpassing this threshold could test the $15.26 resistance that was previously encountered. On the other hand, if the market experiences a pullback, it may drop down to the significant support at approximately $13.54. If the price continues to fall, it would reach the nearby support around $12.72.
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2024-06-29 23:03