Chainlink has risen 31% in the last five days, according to TradingView data.
Certain tokens, such as Chainlink, are exhibiting a significant comeback with a 31% gain in the previous five days as the cryptocurrency market recovers after the New Year and weekend celebrations.
Chainlink is making a comeback
The bulk of the Chainlink network was holding the asset at a loss after the 50% drop occurred in November. The network’s Realized Profit/Loss ratio switched after a short-term push of the token, with the majority of traders holding LINK at a profit.
🔗📈 #Chainlink’s rise from $19.15 at the end of 2021, to $25.17 just 4 days later (+31%) has raised some eyebrows. $LINK’s network profit/loss has spiked, indicating traders are back in profit. A drop below 0 would indicate another great buy opportunity. https://t.co/1R5RSRD3ud pic.twitter.com/wzmG6YWHOz— Santiment (@santimentfeed) January 5, 2022
An indication from another on-chain data provider, IntoTheBlock, confirms the same statistics, with 57% of Chainlink investors benefitting from their investments. At the time of publication, just 32% of LINK investors were losing money, and only 12% were breaking even.
Traders may use the network’s Profit and Loss ratio, which is comparable to the RSI indicator, to gauge market conditions. Traders avoid entering a token or a coin when a substantial percentage is profiting. When the majority decides to profit, the market may experience unanticipated volatility.
Market performance of Link
Chainlink has entered another growth cycle, according to TradingView data, with a rise of 31% in the previous five days. Link had already lost around half of its value and had bottomed out in the middle of December.
Chainlink is moving in the rangebound created in September 2021 from a long-term viewpoint. Link has hit the $35 zone twice throughout the range’s movement and subsequently retraced for an average of 45% both times.