In an unprecedented turn of events witnessed within the dynamic world of cryptocurrencies, an eminent crypto market analyst’s remarks on the Chainlink (LINK) price action ignited a frenzy across the global crypto realm. In a post shared on the social media platform X today, April 17, Ali Martinez spotlighted crucial market dynamics for the LINK token, stating the token’s current phase to be the “best time” for investors to buy the cryptocurrency.

Meanwhile, Chainlink’s price rested at the $13 mark, with the token’s on-chain data shrouding it in a bearish cloud as of writing. Nonetheless, Martinez’s remarks appear to have nabbed significant investor attention, fueling a tint of market optimism on LINK.

Diving Deep Into Ali Martinez’s Remarks

According to the analyst, Chainlink’s 30-day MVRV (Market value to Realized Value) ratio has dropped below -12.24%, signaling a prime opportunity for investors to buy LINK. Historical data since August 2022 suggests that every time the token dropped below the abovementioned level, investors who bought the dip harvested returns of around 50%.

Notably, with the token’s current 30-day MVRV ratio standing at -17.54%, Martinez spotlights another optimal point for investors, suggesting they buy the dip. Meanwhile, as the 30-day MVRV ratio stood at -17.54%, Chainlink’s price traded at $13, showcasing a trajectory full of fluxes.

It’s worth noting that LINK’s recent correction comes primarily attributed to the pre-halving corrections witnessed across the broader crypto market. Besides, the token’s on-chain data further stirred speculations over a bearish sentiment among investors, as LINK traded in the red at press time.

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LINK Price Tumbles

As of writing, the Chainlink token jotted a fall of 1.26% in the past 24 hours and is currently resting at $13.25. The token’s market cap plunged 1.71%, whereas its 24-hour trading volume dipped 38.91%. This added a bearish tint to the token today, whereas according to the analyst, this is the “prime opportunity for traders and investors to buy the dip.”

Contrastingly, Coinglass data spotlighted a 5.48% plunge in LINK’s open interest, reaching $164.25 million, further accompanied by a derivative volume dip of 43.72%. This added to the token’s bearish stance today, pointing out reduced investor interest and market activity for the digital asset. However, crypto market enthusiasts continue to eye Chainlink, with the analyst’s remarks adding a tint of optimism to the token’s price action ahead.

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The post LINK Price: Analyst Predicts Prime Buying Opportunity For 50% Returns appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am