The post Chainlink Experiences Significant Recovery – Latest cryptocurrency news appeared on BitcoinEthereumNews.com.

Chainlink (LINK) has demonstrated a notable resurgence over the past week, achieving double-digit growth against the prevailing market trends. This remarkable rise may enable the altcoin to recover all its losses incurred since the end of July. Nevertheless, despite this positive momentum, there are still hurdles that the cryptocurrency must overcome. Investor Confidence on the Rise The price of Chainlink has rebounded noticeably, with major investors showing increased optimism. Significant purchases by large holders, or “whales”, have been recorded for the first time since early August. Access NEWSLINKER to get the latest technology news. Wallets owning at least 0.1% of the total supply of LINK have acquired over 3.4 million LINK in just two days, translating to a $40 million surge in LINK flow. This raised the total inflow from 256,000 LINK to over 3.71 million LINK, indicating that the recent price increase has boosted investor confidence. Is LINK Overbought? The recent influx of LINK suggests that the recent rally has captured the attention of major investors, who are now making strategic moves based on the coin’s upward momentum. However, the Relative Strength Index (RSI) reveals that LINK is nearing the overbought zone. Persistent accumulation by whales and other investors could push it into this zone soon, posing certain risks. As LINK approaches the overbought level, the probability of the current rally reversing increases. Typically, when an asset enters the overbought zone, investors take profit, leading to potential corrections. Key Insights for Investors Whales have recently made substantial purchases, indicating strong confidence in LINK’s future performance. Despite the recent rally, LINK is nearing the overbought zone, which historically leads to profit-taking and potential price corrections. Overcoming the $12 resistance level is crucial for LINK to maintain its upward momentum and potentially turn it into a support level. If the RSI…

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Filed under: News - @ August 24, 2024 2:18 am