Chainlink price is in a precarious position as price action got rejected at the $12.50 mark. Now, LINK risks dropping 48% if the market conditions do not change because the recent price rejection completed a multi-month bearish reversal pattern. On-chain metrics support a heavy crash ahead for the Oracle service provider unless general market conditions change. The price of LINK dropped by 2% over the last 24 hours to trade at $11.18.
Chainlink Price Hints Drop on Risks of Overvaluation
Data from Santiment shows the Chainlink Network Value to Transactions (NVT) ratio hit a 3-year high on August 29. A high NVT ratio suggests that the market value of LINK is high relative to the amount of transaction activity on its network, which can be interpreted as the asset being overvalued.
Additionally, the Chainlink Price-Daily Active Addresses (DAA) divergence hit a one-month low at -59%, which indicates that the price has been moving in the opposite direction of its daily active addresses.
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