LINK Explodes Once Again By Another 15%, What Do Analysts Think?

LINK explodes once again by 15% over the past day, surging against the US dollar outperforming the Bitcoin 0.5% performance. In our latest Chain link news today, we are reading more about the price analysis and what the analysts think about it.

At the $19.00 price that LINK is trading at, the cryptocurrency hit a new all-time high. This is the latest in the series of higher highs that were set in the previous months enabled by the strong influx of investors into the altcoin. Many have been confused about this price action as now LINK explodes once again, reaching a market capitalization of just $4 billion shies of Tether. There’s a growing sentiment in some circles that another high is near.

$link to the moon.

— Dave Portnoy (@stoolpresidente) August 15, 2020

Many are congratulating the investors who managed to push the asset in the upside but there are some that think a top is upcoming. While the published below charts show a pump, the recent chart from the head of technical analysis at Blockfyre shows that the coin is nearing a top according to Elliot Wave standards. Elliot Wave is a form of technical analysis that suggests that the market predicts waves due to the investor psychology and the bearish idea was not quite invalidated as there are no limits on the length of the waves:

 “4hr chart. It’s coming fam. Also I don’t know anything about Elliot Waves at all. But if I did. I’d say that’s a clear 5 wave structure. But I don’t and this fits my very short term bias and thesis so we’re going to roll with this.”

There’s some on-chain data that suggests a pullback is possible and in the past few days, the analytics companies observed a huge inflow of LINK capital into exchanges suggesting individuals are looking to sell stashes. LINK could benefit from Dave Portnoy which is the founder of Barstool Sports who has become a day trader. Portnoy bought BTC and LINK with the help of the Winklevoss Twins. Since purchasing a reported $200,000 BTC and $50,000 in LINK started promoting both assets non stop. He also published a tweet calling for LINK to go to the moon. The tweet garnered thousands of likes and replies agreeing with Portnoy’s sentiment.