One key data metric shows that Chainlink was the most bullish cryptocurrency on the market yet posted massive gains over 2019 and 2020 as we reported in our LINK news.
The gains of the asset allowed Chainlink to set a fresh all-time high earlier this year but it now seems to be navigating back to these highs. The short-term strength, however, could be crushed by a massive influx of LINK onto the exchanges which could suggest that the traders are moving their tokens out of the cold storage in order to sell the pump.
The key data metric shows that Chainlink saw an unprecedented price action over the past few years and was one of the major digital assets that were able to use the widespread downtrend on the market and even set a new all-time high at the start of 2020.
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Although this cryptocurrency lost some of its momentum after seeing these highs, it now seems that the buyers are preparing to make another big push higher at the bullish cryptocurrency.
LINK is now moving to retest the all-time high position after breaking out yesterday evening. Some analysts believe that its ongoing uptrend will continue holding until the price reaches $4.00 region. This trend however could mean trouble for the short-term price action and the on-chain data clearly shows this. At the time of writing, Chainlink is trading up over 4% with a price of $4.52 which marks a huge upswing from the recent lows of under $4.10 which were set yesterday evening when Bitcoin dipped to $9,300.
The rebound from this level allowed the crypto to set a fresh weekly high and is now trading up significantly from the lows set within the $4.00 region. As for how high this trend could lead LINK into the near-term, one analyst put a chart showing the upside target is set at $4.86. There is also one on-chain trend that could spell trouble for LINK despite the ability of the coin to climb these highs.
According to a recent post from Glassnode, the balance of Chainlink on some exchanges has increased drastically over the past 24-hours the strength enhances:
“LINK Balance on Exchanges (1d MA) increased significantly in the last 24 hours. Current value is $318,256,509.23 (up 4.8% from $303,624,657.71).’’
The key data metric suggests that the investors are starting to hold their holdings out of the cold storage and place them on exchanges. The investors are undertaking actions to sell the pump if the crypto rallies to the resistance at its all-time high.
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