My crypto people! Get ready for this hot gossip about Chainlink (LINK)! 🔥 Because even though this cryptocurrency has been skyrocketing in recent days, experts are keeping a close eye on some signals that could rain on the bullish parade.
Imagine that LINK, in the last week, had a surge of 13.2%. Not bad at all! 🚀 This was like a breath of fresh air after a big scare it had about ten days ago when it plummeted from $13.38 to $10.94. What was the reason for that drop? Well, a stir with Bitcoin (BTC) that went to $99k due to some tensions between Israel and Iran, and some bombings by the United States. A serious matter! Geopolitically speaking, this impacts both the stock markets and the cryptocurrency market, which is why it's important to always keep our eyes open 👁️👁️, but also, to be aware of what's happening in the world 🌎.
But now the situation is different. Even though the price of Chainlink has recovered, it seems that those who have LINK are not thinking of holding onto their coins for long. There are signs that they want to sell! 🤑
What's happening with LINK?
According to those who know about this, the "on-chain metrics" (which are like the DNA of cryptocurrency transactions) are showing that people are moving their tokens with the intention of cashing out. And this, historically, is a sign that the price could hit a ceiling and start to drop. 🎢
For example, the "latent circulation" of LINK had huge spikes on March 14 and June 20. What does this mean? Well, there was a lot of movement of tokens that had been dormant for a while, and that almost always indicates that people want to sell! 💸
Additionally, the "average age of coins" of Chainlink tells us that people are not accumulating LINK throughout the network. They are ready to sell when the price goes up and also get scared and sell when it goes down! This shows that there isn't much faith in holding the coin long-term.
And if that weren't enough, the "net position change of exchange platforms" (which measures whether more LINK is coming in or going out of exchange wallets) turned green on June 20. A positive change in this metric is like a red flag for the bulls, because it means more LINK is coming into the exchanges to be sold! 📉
What can we expect?
Right now, Chainlink is hitting resistance at $13.4, and a little higher, at $14, there's another zone where people usually sell. With all these selling signals and the lack of conviction from "HODLers" (those who hold their cryptos long-term), it seems that LINK may have reached another "local maximum" and could start to drop in the coming days.
So, stay well-informed and keep your eyes wide open! The crypto world always keeps us on the edge of our seats. Will LINK go down or will it surprise us again? Let's wait!
