In summary:
- ChainLink has edged out Bitcoin Cash from the number 5 spot.
- The team at Weiss Ratings believes this move up for LINK is a bit too much.
- They warn that LINK’s ‘final’ all-time high is near.
- LINK’s chart has continued to push towards uncharted territory.
The digital asset of ChainLink (LINK) is still holding firm at the number 5 spot on Coinmarketcap. A few days ago, LINK managed to edge out Bitcoin SV (BSV) and Bitcoin Cash (BCH) to rise to its current position. Furthermore, LINK keeps setting new all-time high values almost every 24 hours. Yesterday, LINK reached a new all-time high of $18.35 – Binance rate.
It is with this brief background that the team at Weiss ratings sees LINK’s recent market moves as a bit too much. They go on to advise investors and traders of LINK, that its continual rise in the crypto markets might be coming to an end. Below is the statement by the team at Weiss Ratings.
The native token of decentralized oracle network #Chainlink (LINK) has reached the top five in terms of market value. That’s… a bit too much, the high is near.
How to Navigate LINK’s Parabolic Chart
Given LINK’s parabolic moves, its chart is in uncharted territory in the sense that investors and traders are more or less trading without any reference data from ChainLink’s past market moves. One method that seems to be working is the use each all-time high value set by LINK, as a short term area of support should there be a selloff.
One good example is yesterday’s Yam Finance crypto selloff that had LINK bounce off its previous all-time high value of around $15.80 set on the 12th of August. LINK bounced off this area to reach the aforementioned new all-time high of $18.35.
Conclusion
Summing it up, ChainLink (LINK) continues with its interstellar mission and has since edged out Bitcoin Cash from the number 5 spot. The fast rise of LINK in the crypto markets has led to the team at Weiss ratings cautioning that its upward trajectory is a bit too much. Furthermore, they predict that LINK’s final push in the crypto markets is near.
As with all analyses of ChainLink, traders and investors are advised to use stop losses and low leverage when trading LINK on the various derivatives platforms.