💥 Unlocking Chainlink’s Potential: Is $17 the Next Target for LINK Price?
Chainlink (LINK) recently surged to $16.21 but faced volatility, currently hovering around $15.35.Technical indicators like NVT and MVRV ratios suggest LINK is undervalued, and favorable for investors.Historical data indicates LINK has the potential to rebound, with past rallies supporting a return to $17 or higher.
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 Chainlink’s token, 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 LINK prices 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.
