Chainlink Rebounds With Boomerang Effect to Enter the Top 5

The past week witnessed an unpleasant run for the digital asset, with a plunge of more than 20 percent. Chainlink recorded a drop from over $15 to less than $10 gradually. But it grabbed everyone’s attention by recovering and jumping above $12 in less than 24 hours.

The whole crypto space including other DeFi tokens witnessed a plunge in the past week. However, while the altcoin market just initiates its recovery, Chainlink bounces aggressively. It is currently trading at $12.70 with a change of 8.65 percent.

In fact, the digital asset managed to enter the world’s top cryptocurrency list, settling in the fifth position. It surpassed Bitcoin Cash and Polkadot that recently featured in the top five list. 

Also Read: Top Defi Gainers on September 7th: BAND 21%, LINK 20%, FXC 14%

Its a Buy Signal for Link!

Santiment, an on-chain analysis and insight provider has speculated that the digital asset has indicated a ‘buy’ with a dip surrounding $10. It also shared a chart, noting that LINK’s 30-day MVRV suggests that there is an opportunity to buy low.

This recovery of the token was followed by an attack by a spammer targeting a few node operators of Chainlink. The attempt to disrupt the network through an unnecessary influx of on-chain computation. 

Chainlink nodes are oracles that allow the smart contracts on Ethereum to interact with the external software. In fact, the attempt was failed by the Chainlink’s monitoring system and in the due process, nearly 700 ETH were lost from the hot wallets of node operators.

Interesting Read: Top Crypto Losing Value: BTC, ETH, LINK – Opportunity to Buy?

What’s Coming Next for Link?

The analysts and researchers carry different opinions over the predictions for the digital asset. Some say the LINK will have a bull rally, while others say LINK would surge till some highs and plunge back surrounding $10. But some say it would go down below $5 to reach $3.

With the surge in the LINK price, a bull run is anticipated by many. A popular YouTuber, Ben Philips tweeted that LINK could make the holders ‘millionaire’.One of the influencers on twitter, Kevin Svenson said that during the dip, he doesn’t wish to sell off his LINK holdings

On the other hand, a full-time trader and technical analyst, Crypto Micheal have predicted a decline for LINK after it attains $14.50.  He shared a graph, according to which LINK is expected to reach $14.50, followed by a plunge which could dip the LINK price to $10 -$10.50.

$LINK #CHAINLINK

Point of interest two from a while ago got hit.

Also, a nice bullish divergence got there as well and one of the strongest bouncers in previous days.

An HL construction around $10-10.50 would definitely trigger a long for me towards $14.50. pic.twitter.com/CLVmdHOaKH

— Crypto Michaël (@CryptoMichNL) September 6, 2020

Surprisingly, a user named TheWolfofwAllStreet predicted a bearish rally for Chainlink with a sharp decline and set the target at $3.

Collectively, chainlink’s remarkable bounce-back has been the prime focus of the crypto and DeFi space. The top DeFi token is anticipated to have a major bull run in the coming days, but some also predict a downtrend for the digital asset.

 Will Chainlink attain a new ATH or faces a dip below the support level? Tag us with your response.

Also Read: Bullish Trend Awaits the Crypto Space With Bitcoin Price Going to the Moon

Source: https://coinpedia.org/news/chainlink-enters-top-5-yet-analyst-predict-the-bearish-trend/