Cardano

Rally

Value

Read

Chainlink

<ul>
 <li>Chainlink (LINK) recently surged to $16.21 but faced volatility, currently hovering around $15.35.</li>
 <li>Technical indicators like NVT and MVRV ratios suggest LINK is undervalued, and favorable for investors.</li>
 <li>Historical data indicates LINK has the potential to rebound, with past rallies supporting a return to $17 or higher.</li>
</ul>
Chainlink (LINK) experienced an upward trend to $16.21 on Wednesday, June 12. Nonetheless, this upward movement was rather short-lived, whereby the price became volatile and eventually pulled back to be a bearish breakout. However, with these price fluctuations, there is still great interest in <a href="https://cryptonewsland.com/chainlink-link-completes-bullish-smart-nav-test-with-dtcc-and-10-us-banking-giants-to-accelerate-fund-tokenization/" rel="noopener noreferrer nofollow">Chainlink’s token</a>, where trading volume exceeds $367m within the last 24 hours.
At the time of writing the LINK price is approximately $15.35, therefore hereby revealing a weekly drop of 12.2%. These figures influenced the initial boost in the <a href="https://www.coingecko.com/id/koin_koin/chainlink" rel="noopener noreferrer nofollow">LINK prices</a> by pointing to a lower Consumer Price Index (CPI).
This saw broader crypto market recovery and its components, such as LINK, get a boost. However, these gains were indeed temporary when BTC and other altcoins reduced the highs seen during the bull run. Despite this recent pullback, LINK has found the range and remains in a location where another impulse to the upside could be possible.
Technical analysis indicators like the Network Value to Transactions ratio and the Market Value to Realized Value ratio indicate that Chainlink could be trading at a discount which allows value investors to get into the coin at a good risk-to-reward ratio. The NVT ratio for any cryptocurrency is arrived at as the ratio of total market capitalization with the volume transacted in the network. A high NVT ratio usually indicates that market capitalization exceeds transaction volume, often indicating overvaluation.
A low NVT Ratio, such as LINK’s 93.04, implies that transaction volume exceeds market capitalization growth, implying that the network is undervalued and capable of handling a large number of transactions. The MVRV ratio compares a cryptocurrency’s market value to its realized value, utilizing profitability metrics to evaluate whether prices have achieved a local peak or bottom.
<a href="https://x.com/santimentfeed" rel="noopener noreferrer nofollow">According to Santiment</a>, Chainlink’s 30-day MVRV Ratio is -9.02%. This negative figure implies that selling at the current price would result in a loss for the majority of LINK investors, indicating a possible accumulation zone.
Historical evidence supports the notion that a <a href="https://cryptonewsland.com/chainlink-link-and-ripples-xrp-charts-prepare-for-3x-price-surge-and-god-candle-price-action-for-this-bull-cycle/" rel="noopener noreferrer nofollow">price increase for LINK</a> is possible. For example, between May 15 and May 28, the LINK price grew from $12.96 to $18.77, while the MVRV Ratio increased from -6.45%. Another substantial increase happened in April when the MVRV ratio was -21.37% and the LINK price increased from $13.08 to $15.62.
Given these past trends and LINK’s current indicators, a price comeback appears inevitable. If this trend continues, LINK might reach $17.70 within a week or two, and in a bullish market, it could even rise above $18.57.
Despite these positive expectations, traders should exercise caution. The liquidation heatmap, which predicts where large-scale liquidations may occur, displays the magnetic liquidity zone around $15.04. If LINK’s uptrend is rejected, the price may fall into this range, leading to massive losses for the bulls.
To limit potential losses, traders should establish a stop-loss objective above the likely liquidation price. Monitoring market dynamics and keeping up with crucial variables will be critical in managing LINK price swings in the coming days.
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/cardano-shows-bullish-signs-as-mvrv-ratio-improves/" rel="noopener noreferrer nofollow">Cardano Shows Bullish Signs as MVRV Ratio Improves</a></li>
 <li><a href="https://cryptonewsland.com/prolonged-bitcoin-undervaluation-is-a-massive-bull-run-on-the-horizon/" rel="noopener noreferrer nofollow">Prolonged Bitcoin Undervaluation: Is a Massive Bull Run on the Horizon?</a></li>
 <li><a href="https://cryptonewsland.com/cardano-may-double-in-price-soon-indicator-suggests/" rel="noopener noreferrer nofollow">Cardano May Double in Price Soon, Indicator Suggests</a></li>
 <li><a href="https://cryptonewsland.com/vet-charts-paint-extremely-bullish-signs-golden-ratio-retested/" rel="noopener noreferrer nofollow">VET Charts Paint Extremely Bullish Signs, Golden Ratio Retested</a></li>
 <li><a href="https://cryptonewsland.com/bitcoins-rally-propels-ethereum-near-3000-as-investor-confidence-grows/" rel="noopener noreferrer nofollow">Bitcoin’s Rally Propels Ethereum Near $3,000 as Investor Confidence Grows</a></li>
</ul>
The post <a href="https://cryptonewsland.com/unlocking-chainlinks-potential-is-17-the-next-target-for-link-price/" rel="noopener noreferrer nofollow">Unlocking Chainlink’s Potential: Is $17 the Next Target for LINK Price?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Unlocking Chainlink’s Potential: Is $17 the Next Target for LINK Price?

Crypto News Land

Other articles published on Jun 14, 2024

MultiChoice Group stays committed to the challenging Nigerian market – CEO

Price analysis 6/14: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, SHIB, AVAX

Binance Coin (BNB) Price Prediction for June 14

Stocks and Bonds are beating Bitcoin, Here’s how

Uniswap (UNI) Price Gives Strong Breakout Above $10, How Far Will the Rally Continue?

Major Bearish Trader Exits GameStop Shorts But Compares GME To Meme Coins: Is This Fair?

Join our free newsletter for daily crypto updates!