Prime time to purchase LINK at $13, according to cryptocurrency researcher Ali Martinez.
The analyst highlights the MVRV ratio of the coin.
Today’s LINK price movement was pessimistic.
A famous crypto market analyst’s comments on the Chainlink (LINK) price movement sparked a frenzy across the global crypto realm, marking an extraordinary turn of events experienced within the dynamic world of cryptocurrencies. Today, April 17, Ali Martinez highlighted vital market factors for the LINK token in a post on the social networking platform X. According to Martinez, this is the “best time” for investors to purchase the cryptocurrency at this stage of development.
As of this writing, Chainlink’s price was hovering around $13, and the token’s on-chain data cast it in a pessimistic light. However, Martinez’s comments have drawn much interest from investors, which has fueled some market optimism for LINK.
Examining in-depth Ali Martinez’s Statements
According to the analyst, the 30-day Market Value to Realised Value (MVRV) ratio of Chainlink has fallen below -12.24 %, indicating an excellent chance for investors to purchase LINK. Since August 2022, historical data suggests that investors who bought the token at the lower price saw gains of almost 50% each time the token fell below the previously specified threshold.
Martinez notes that the token’s 30-day MVRV ratio is at -17.54%, highlighting another advantageous moment for investors. She advises them to purchase the dip. Meanwhile, Chainlink’s price was trading at $13, exhibiting a volatile trend, while the 30-day MVRV ratio was at -17.54%.
It’s important to remember that the pre-halving corrections observed in the larger cryptocurrency market are the main cause of LINK’s most recent decline. In addition, the on-chain data for the token sparked conjectures about a pessimistic outlook among investors, as LINK was down at the time of publication.
LINK Drops in Price
The Chainlink token is trading at $13.25, having dropped 1.26% over the last 24 hours. The token’s 24-hour trading volume decreased by 38.91%, while its market cap fell by 1.71%. This gave the token a negative tone today, even if the analyst said this is the “prime opportunity for traders and investors to buy the dip.”
On the other hand, according to Coinglass data, LINK’s open interest fell by 5.48% to $164.25 million, and its derivative volume also decreased by 43.72%. This strengthened the pessimistic sentiment surrounding the token today by highlighting a decline in investor interest and market activity for the digital asset. Nonetheless, investors in the cryptocurrency market are still keeping a close eye on Chainlink, as the analyst’s comments have given the token’s future price movement some confidence.
