Chainlink’s Price Fluctuation This Week and Inability to Hold Above $10 Mark

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Back in the first week of August, LINK’s price jumped from $9.53 to $14.09, marking a total of 45% appreciation in its prices
  • Crypto Analyst Timothy Peterson of Cane Island Alternative Advisors has estimated that ChainLink (LINK) has predicted that in the coming week or two the cryptocurrency will be again valued at $7
  • Peterson had predicted that LINK’s price would come under the $10 by the end of September which in fact seems true after the swings in the crypto’s value

LINK the cryptocurrency token of the Blockchain company, Chainlink has been in the news lately because of its swift price fluctuations. Chainlink is a blockchain-based fintech company that was established by SmartContract Chainlink Limited SEZC. Its native digital asset LINK is an Ethereum based token that aims at facilitating decentralised network applications by connecting their smart contracts to external sources. The LINK token traded at $10.96 a few days ago in, September 2 and soon dipped to $9.56 in just a matter of a few hours. On October 2nd, LINK token fell to even lower price levels $8.87. However, the token now trades at $9.27 and is up by almost 0.07% in the last 24 hours. 

Chainlink’s Successive Failure to Sustain Above the $10 Levels

Back in the first week of August, LINK’s price jumped from $9.53 to $14.09, marking a total of 45% appreciation in its prices. An all-time high of $14.46 was set on 10th August followed by which its price was pulled back to $13 levels. However, in all the events the token couldn’t sustain the $10 price levels and consequently fell down to lower levels. This is unfortunate news for the LINK bulls because this happens every time the token rebounds the $7 levels. However, recently an analytics firm has determined the certain signs that are weighing down the cryptocurrency.

Crypto Analyst Predicts the Trend of the Cryptocurrency Using his Model

Crypto Analyst Timothy Peterson of Cane Island Alternative Advisors has estimated that ChainLink (LINK) has predicted that in the coming week or two the cryptocurrency will be again valued at $7. Earlier, Peterson had predicted that LINK’s price would come under the $10 by the end of September which in fact seems true after the swings in the crypto’s value. In addition, Peterson’s model discovered that the token’s value was highly influenced by function calls on the network. These function calls began declining by the end of September which made him prompt the prediction. 

LINK’s MVRV Points to a Probable Buy Off

Moreover, BTC’s rally may have also directly influenced the growth of altcoins to some extent. A recent tweet by Santiments, the crypto analytic company suggested that MVRV metric of the cryptocurrency is hinting towards a possible buy zone. Although BTC may somewhat be dependent on Bitcoin, it still has the potential to become independent on its own underlying strengths. 

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