ChainLink’s continual climb has excited LINK investors and left many analysts warning of a potential top.
LINK seems to recover wildly with every sign of a correction.
FOMO has kicked in and complicated the process of predicting a top for ChainLink.
Bollinger bands on all macro charts hint of an overbought situation that will eventually correct.
Moments ago, the digital asset of ChainLink (LINK) hit a new all-time high of $20.13 – Binance rate. This value is $0.39 higher than yesterday’s all-time high value of $19.84. As earlier observed, ChainLink has a tendency of printing new all-time high values every 24 hours when it gathers adequate bullish momentum.
LINK Flourishes on Campaign to Liquidate Zeus Capital
What initially started off as a campaign to liquidate Zeus Capital for publishing a damning report on ChainLink, has turned into a magnificent parabolic move for LINK. On August 2nd, LINK marines initiated a campaign to pump the value high enough to liquidate the authors of the report who had decided to short ChainLink.
On the same 2nd August, LINK opened the day at an approximate value of $8. This means that in a span of 2 weeks, LINK’s value has more than doubled. At the time of writing, LINK is trading at $19.50. Traders and investors who bought LINK at $8 are currently 143% in profit.
Predicting LINK’s Peak Value Continues to be a Guessing Game
With LINK printing a new all-time high value with each bullish climb, predicting a peak value for LINK has become more or less a guessing game for traders. The daily LINK/USDT below courtesy of TradingView will be used to demonstrate this fact.
To begin with, and from the 2nd of August, the daily candle wicks demonstrate the tendency of LINK printing an all-time high value almost every 24 hours.
Secondly, August’s daily trade volume is permanently in the green. The histograms of the daily MACD further confirm this with the MACD’s moving averages yet to show signs of exhaustion.
Thirdly, the daily MFI is high at 89 thus hinting of an overbought environment for LINK. This can also be confirmed by the extreme deviation of the daily Bollinger Bands from the mean.
Summing it up, all technical indicators point to ChainLink (LINK) experiencing a correction very soon. However, FOMO surrounding LINK has already kicked in and there is no telling when its peak value will be reached.
Furthermore, Bar Stools’ Dave Portnoy buying ChainLink has provided additional fuel for LINK to keep pushing on up in the days and weeks to follow.
As with all analyses of ChainLink, investors and traders are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms.