How Far Can LINK Price Go?
The 4-hour chart for the LINK price shows a rising trend as the price steadily moves upward within an ascending channel. The Relative Strength Index (RSI) indicates that the market is approaching overbought conditions. Currently sitting at 68, nearing the 70 threshold, which could signal potential selling pressure in the near future.
Meanwhile, the CMF Chaikin Money Flow (CMF) at 0.07 suggests a positive flow of capital into LINK, confirming bullish momentum,
On September 9, 2024, LINK’s market trends show a significant price drop since early March 2024. The MVRV (Market Value to Realized Value) ratio has seen fluctuations, aligning with price volatility. The chart depicts steady declines, with occasional recoveries peaking in mid-May and mid-June.
The MVRV ratio shows reduced profitability for holders, with a sharp dip in late August. Currently, the MVRV ratio stands at 7.17%. This indicates that holders are slightly above water but with limited gains. The market remains in a downtrend despite minor recovery attempts.
Chainlink price is facing a challenging resistance at the $15 mark. A breakthrough past this level could indicate a bullish shift for the cryptocurrency. If this breakout occurs, the next significant target for LINK would be the $17 resistance. If the bullish momentum builds further the Chainlink price prediction could climb as high as $20, fueled by a market rally.
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