LINK currency has been overly bullish due to its rebound, and LINK currency will see a correction in the future.

warn! ! ! Due to the excessive bullishness of the rebound, the LINK currency market will undergo a correction! Chainlink (LINK) price breaks out of consolidation to hit monthly highs in less than a week. However, this may result in LINK holders selling their holdings before losing the opportunity to earn gains.

Today, the editor of this site will share with you a detailed introduction to the future market forecast of LINK currency. I hope you like it!

LINK Coin Continues to Rise

Chainlink’s price reached $16.8 after rising nearly 30% over the past week. However, this resulted in the altcoin reaching saturation, which is historically synonymous with corrections.

This is evident in the Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and variability of price movements. It ranges from 0 to 100, with values ​​above 70 indicating overbought conditions and values ​​below 30 indicating oversold conditions.

Currently, the RSI is above 70, indicating that LINK is overbought on the 12-hour chart. This last happened in February before the rally paused. Chainlink’s price may face the same fate.

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Additionally, it could face additional investor jitters if it sells, a possible outcome. This is because Market Value to Realized Value (MVRV) indicates profit taking.

The MVRV ratio tracks an investor’s gains/losses. Chainlink’s 30-day MVRV is 16%, indicating profitability and likely prompting a sell-off. Historically, LINK has tended to correct at MVRV levels of 10% – 20%, marking it as a risk area.

LINK COIN FUTURE PRICE ANALYSIS

This is the case with Chainlink; investors may take action to secure gains, thereby signaling a pullback.

Chainlink was trading at $16.8, breaking multiple resistance levels, breaking above the $16.5 resistance level. The altcoin saw significant gains near $17.0. However, this push that pushed LINK to monthly highs could also lead to a decline.

If the above conditions are true, the price of Chainlink may fall back to $15.0. This will happen once the support at $15.6 is broken, potentially extending the decline to $14.4.

However, if investors don’t take action to sell and the rally continues, Chainlink’s price may continue to rise. A move above $17.5 would invalidate the bearish argument, pushing LINK towards $18.

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