In brief:
Chainlink investors who bought LINK around the beginning of the year at $11, are now approximately 226% in profits. This is according to an analysis done by the team at Santiment feed who also pointed out that the amount of LINK tokens on crypto exchanges, has seen a continual decline in the same time period. Below is the statement
and chart by the team at Santiment feed, demonstrating their findings on Chainlink.#Chainlink has reached new heights yet again, this time with an #AllTimeHigh eclipsing $34.70, a staggering +226.1% return in the past ~7 weeks. We see a continued low level of $LINK tokens on exchanges, & this can continue until tokens begin returning.
At the time of writing, Chainlink is trading at $34.12 after setting a new all-time high of $35.85 – Binance rate. A brief look at the daily LINK/USDT chart reveals that not much has changed since yesterday’s analysis.
Chainlink’s value is very much above the 50-day, 100-day and 200-day moving averages hinting at an overbought scenario. The daily MACD, MFI and RSI are confirming the overbought situation. Chainlink has the following support zones should a correction occur in the near future.
To note is that these support zones are Chainlink’s previous all-time high values that should provide an area of interest should there be a dip.
As with all altcoins such as Chainlink, the fate of LINK in the crypto markets is very much linked to that of Bitcoin. At the time of writing, Bitcoin is consolidating at the $49,400 price level in what could be an attempt at capturing $50k in the hours to follow.
Therefore, Chainlink could continue on its upward trajectory based solely on the bullish environment created by BTC. Chainlink investors and traders are thus reminded to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms.