Chainlink Moving Quickly as Bulls and Bears Fight It Out
Chainlink is in a battle right now between bulls and bears, and the winner will likely be revealed soon.
Chainlink (LINK) has moved upward considerably since the middle of last year, from $5.16 (LINK/USD) to $$4.62, making it a crypto to watch for sure.
Don’t let Chainlink’s small change of 1.18% over today fool you. It has been volatile this morning. The crypto fluctuated between $14.85 and $14.32, showing it still has a lot of movement and should be watched closely by investors. While much of the market was going through what has been called a “crypto winter” and barely moving at all, LINK was going strong.
Even though the coin has fallen since the end of last year, it is still very active. The bulls and bears are fighting over this one right now, making it ripe for investment. The RSI (Relative Strength Index) shows that the coin is bearish. This indicator tells investors whether they should be buying or selling based on how overbought or oversold the token is.
What Is LINK’s Future?
The future is bright for this coin because constant activity and interest show that it could go quickly in any direction and is unpredictable in the short term, which makes it somewhat risky, but it has shown incredible growth over the last few months in a mostly quiet market. That makes it appealing for investors. However, the huge growth surge may be over, so the coin may not go much higher from here for a while.
The LINK rate may be due for a price correction, the metrics tell us. The exchange supply is up, and that means that selling pressure is up as well. From that information, we expect the price to drop as a result. Exchange supply increased right around the beginning of the year, and we should see repercussions from that soon.
Despite heavy interest in the last few months of 2023, interest in LINK has dropped. It is still a very popular crypto with plenty of activity, but indicators show that the activity should settle down soon and, in fact, already has somewhat.
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