Chainlink Investors Worry About a Correction, But On-Chain Metrics Tell Otherwise

Chainlink Forms a Potential Double Top The price action that Chainlink has seen over the past couple of weeks appears to have led to the development of a double top pattern on its 12-hour chart. (Source: TradingView)If these bearish signals are validated, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model indicates that Chainlink could drop to $4.15, which is also where the 23.6% Fibonacci retracement level sits.

(Source: IntoTheBlock)Everything’s Not Lost A look at Cainlink’s Network Value to Transactions Ratio, or “NVT”, provides insightful information what is the fair value of this token. Now, it is just a matter of time to see whether or not LINK can the $5 resistance level into support, which will help invalidate the bearish signals and propel its price into new all-time highs.

Timeline of Chainlink