Chainlink (LINK), a decentralized oracle network, has recently exhibited a noteworthy price movement, drawing the attention of cryptocurrency enthusiasts and investors. The asset experienced a precise drop into Range Low support at $6.13, which was promptly followed by a robust +32% rebound to the upside according to a recent tweet by Rekt Capital.
What you'll learn 👉
Price Movement
Over the past month, LINK has demonstrated substantial growth, outperforming most altcoins in the market. The asset has seen a 24.7% increase in the last 30 days, with a 26.1% rise in the last two weeks, an 11.3% uptick in the last seven days, and a 2.6% gain in the last 24 hours, according to data from CoinGecko.
Delving deeper into the price movements, on August 31st, LINK opened at approximately $0.0002171 and reached a high of $0.00024564, reflecting a significant increase in volume. Subsequently, on September 7th, despite opening at a higher price of $0.00024454, LINK experienced a slight decline, closing at $0.00022961.
However, the asset regained momentum, and by September 14th, it closed at $0.0002544, marking a notable recovery. Most recently, on September 21st, LINK reached a close price of $0.00028323, showcasing its resilience and upward trajectory.
A Time to Wait?
Given the recent bullish momentum, potential investors might be contemplating whether it’s the opportune moment to invest in LINK. The asset’s ability to rebound strongly post hitting the Range Low support suggests a robust underlying strength. However, the prudent strategy for prospective investors could be to exhibit patience and await another retest of this support zone.
This approach is underscored by the asset’s recent performance, which, while impressive, also warrants caution due to the inherent volatility in the cryptocurrency market. A retest of the support zone will offer investors a clearer perspective on LINK’s stability and potential for sustained upward movement, thereby enabling them to make more informed investment decisions.
Chainlink’s remarkable recovery and consistent growth have positioned it as a standout performer in the altcoin domain. While the current market dynamics might tempt immediate investment, a meticulous approach involving waiting for a retest of the support zone at $6.13 could potentially yield more favorable entry points for investors, mitigating risks associated with market unpredictability.
In conclusion, while LINK’s trajectory appears promising, a balanced and well-thought-out investment strategy is crucial for navigating the ever-evolving and dynamic cryptocurrency landscape.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
