As the world of cryptocurrencies continues to evolve, investors and traders are always looking for new opportunities to diversify their portfolios and capitalize on emerging trends. One altcoin that has received a lot of attention in recent years is Chainlink (LINK).
70% of #chainring Losing holders: What does this mean for investors? @azcoinnews https://t.co/64KCm7u9mL
— Kyptos (@azcoinnews) March 8, 2023
According to the latest data from IntoTheBlock, 70% of LINK holders are currently in the red despite stable price fluctuations over the past six months. This is not uncommon for many altcoins, but is still a factor investors should keep in mind when considering adding LINK to their portfolio.
Source: IntoTheBlock
The data also shows that if LINK prices rise and the next support zone is between $3.7 and $6.34, there is a clear resistance. This presents an interesting area of ​​demand that investors should consider before deciding to invest.
Additionally, many LINK holders have a breakeven price close to $30, which means that the price has to rise even more to trigger their selling pressure.
The data shows that LINK is only significantly correlated with Bitcoin (BTC), Ethereum (ETH), and MATIC, and not with other popular altcoins like SHIB, DOGE, or LTC. That makes it a potentially good choice for a portfolio with so many assets.
Finally, the data also showed that LINK’s transfer activity peaked on Thursday, which could create significant price volatility. This is useful information for both buyers and sellers, as high trading volume affects the liquidity of the exchange. This is also a factor that investors need to keep in mind before investing.
In conclusion, while LINK’s steady price action over the past six months may make it look like a safe investment, investors should be aware that many LINK holders are currently losing money. It is important to consider resistance and support areas, as well as breakeven prices. Additionally, considering correlations with other altcoins and seasonal patterns of LINK transfer activity can help investors make informed decisions when adding this token to their portfolio.
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board pass
according to Kyptos
