{"id":556594,"date":"2023-10-23T14:00:14","date_gmt":"2023-10-23T14:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=556594"},"modified":"2023-10-23T13:11:42","modified_gmt":"2023-10-23T13:11:42","slug":"chainlink-mvrv-bearish-link-breaks-10-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink\/chainlink-mvrv-bearish-link-breaks-10-correction\/","title":{"rendered":"Chainlink MVRV Enters Bearish Zone As LINK Breaks $10, Correction Soon?"},"content":{"rendered":"

On-chain data shows the Chainlink MVRV ratio has shot up as LINK has rallied above $10, a sign that a steep correction may be due for the asset.<\/p>\n

Chainlink 30-Day MVRV Ratio Has Crossed The Bearish 20% Mark<\/h2>\n

As explained by an analyst in a post<\/a> on X, the last three times the LINK MVRV ratio hit similar levels as now, the cryptocurrency registered a sharp drawdown. The “MVRV ratio<\/a>” (where MVRV stands for Market Value to Realized Value) is an indicator that measures the ratio between the Chainlink market cap and the realized cap.<\/p>\n

The realized cap<\/a> here refers to a LINK capitalization model that assumes the true value of each coin in circulation isn’t the same as the asset’s spot price, but rather the price at which the coin last moved on the blockchain.<\/p>\n

Related Reading: Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today<\/a><\/div>\n

This price at which the coin was last transferred could be imagined to be the value at which its holder bought it, so the realized cap takes into account the prices at which each investor in the market acquired their LINK.<\/p>\n

Thus, the realized cap is essentially a measure of the total amount of capital the holders as a whole have invested into Chainlink. Since the MVRV ratio compares the market cap with this metric, it can provide us with info about the profit\/loss situation of the investors.<\/p>\n

Now, here is a chart that shows the trend in the 7-day moving average (MA) of the ChainlinK MVRV ratio over the past year and a half:<\/p>\n

\"Chainlink<\/p>\n

Looks like the value of the metric has shot up recently | Source: Santiment on X<\/a><\/pre>\n
Note that in the above graph, the MVRV ratio shown isn’t just the ordinary version, but rather the 30-day one. What this means is that this indicator only takes into account the data of coins that were moved within the past month.<\/p>\n
From the chart, it’s visible that the Chainlink 30-day MVRV ratio has observed a strong rise recently as the price of the cryptocurrency has enjoyed sharp upward momentum<\/a>.<\/p>\n
The metric has crossed the 21% mark with this increase, suggesting that the investors who bought within the last 30 days are holding 21% more in value than what they put in.<\/p>\n
Usually, the more the profits held by the investors, the greater their probability of giving in to the allure of profit-taking. As such, whenever the investors are carrying a high amount of profits, the risk of a correction taking place can become significant.<\/p>\n
In the current case, the Chainlink investors are those who only bought within the past 30 days, which means that this cohort is bound to have fickle-minded hands who would easily be tempted to harvest their gains.<\/p>\n
Related Reading: Bitcoin Inches Away From Hitting $31,000 \u2013 How High Can BTC Go This Week?<\/a><\/div>\n
As the analyst has marked in the chart, it would appear that the last three times the MVRV ratio crossed above 20% for this group, the LINK price observed a sharp decline.<\/p>\n
In the first two cases, this drawdown was 34% each, while in the third and latest one, it was about 14%, which is still quite a notable drop. If this pattern is anything to go by, Chainlink may see another such correction soon.<\/p>\n
LINK Price<\/h2>\n
Chainlink has seen another 9% rise during the last 24 hours as its price has now broken above the $10.1 mark.<\/p>\n
\"Chainlink<\/p>\n
LINK has been going up in the last few days | Source: LINKUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Chainlink MVRV ratio has shot up as LINK has rallied above $10, a sign that a steep correction may be due for the asset. Chainlink 30-Day MVRV Ratio Has Crossed The Bearish 20% Mark As explained by an analyst in a post on X, the last three times the LINK MVRV ratio hit similar levels as now, the cryptocurrency registered a sharp drawdown. The “MVRV ratio” (where MVRV stands for Market Value to Realized Value) is an indicator that measures the ratio between the Chainlink market cap and the realized cap. The realized cap here refers to a LINK capitalization model that assumes the true value of each coin in circulation isn’t the same as the asset’s spot price, but rather the price at which the coin last moved on the blockchain. Related Reading: Crypto Analyst Points Out Bitcoin Sell Signal That Could Be Triggered Today This price at which the coin was last transferred could be imagined to be the value at which its holder bought it, so the realized cap takes into account the prices at which each investor in the market acquired their LINK. Thus, the realized cap is essentially a measure of the total amount of capital the holders as a whole have invested into Chainlink. Since the MVRV ratio compares the market cap with this metric, it can provide us with info about the profit\/loss situation of the investors. Now, here is a chart that shows the trend in the 7-day moving average (MA) of the ChainlinK MVRV ratio over the past year and a half: Looks like the value of the metric has shot up recently | Source: Santiment on X Note that in the above graph, the MVRV ratio shown isn’t just the ordinary version, but rather the 30-day one. What this means is that this indicator only takes into account the data of coins that were moved within the past month. From the chart, it’s visible that the Chainlink 30-day MVRV ratio has observed a strong rise recently as the price of the cryptocurrency has enjoyed sharp upward momentum. The metric has crossed the 21% mark with this increase, suggesting that the investors who bought within the last 30 days are holding 21% more in value than what they put in. Usually, the more the profits held by the investors, the greater their probability of giving in to the allure of profit-taking. As such, whenever the investors are carrying a high amount of profits, the risk of a correction taking place can become significant. In the current case, the Chainlink investors are those who only bought within the past 30 days, which means that this cohort is bound to have fickle-minded hands who would easily be tempted to harvest their gains. Related Reading: Bitcoin Inches Away From Hitting $31,000 \u2013 How High Can BTC Go This Week? As the analyst has marked in the chart, it would appear that the last three times the MVRV ratio crossed above 20% for this group, the LINK price observed a sharp decline. In the first two cases, this drawdown was 34% each, while in the third and latest one, it was about 14%, which is still quite a notable drop. If this pattern is anything to go by, Chainlink may see another such correction soon. LINK Price Chainlink has seen another 9% rise during the last 24 hours as its price has now broken above the $10.1 mark. LINK has been going up in the last few days | Source: LINKUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":556634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,89541,89700,89699,16097,75940],"class_list":["post-556594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-chainlink-bearish-signal","tag-chainlink-correction","tag-chainlink-mvrv","tag-link","tag-linkusd"],"acf":[],"yoast_head":"\nChainlink MVRV Enters Bearish Zone As LINK Breaks $10, Correction Soon?<\/title>\n<meta name=\"description\" content=\"Data shows the Chainlink MVRV ratio has shot up as LINK has rallied above $10, a sign that a steep correction may be due for 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink MVRV Enters Bearish Zone As LINK Breaks $10, Correction Soon?","url":"http:\/\/wncen.com\/news\/chainlink\/chainlink-mvrv-bearish-link-breaks-10-correction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/chainlink\/chainlink-mvrv-bearish-link-breaks-10-correction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1412367772-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1412367772-1.jpg?fit=2359%2C1270"},"articleSection":"Chainlink","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink bearish signal","chainlink correction","chainlink mvrv","link","linkusd"],"dateCreated":"2023-10-23T14:00:14Z","datePublished":"2023-10-23T14:00:14Z","dateModified":"2023-10-23T14:00:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink MVRV Enters Bearish Zone As LINK Breaks $10, Correction Soon?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-mvrv-bearish-link-breaks-10-correction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/chainlink\\\/chainlink-mvrv-bearish-link-breaks-10-correction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1412367772-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-1412367772-1.jpg?fit=2359%2C1270\"},\"articleSection\":\"Chainlink\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink bearish signal\",\"chainlink correction\",\"chainlink mvrv\",\"link\",\"linkusd\"],\"dateCreated\":\"2023-10-23T14:00:14Z\",\"datePublished\":\"2023-10-23T14:00:14Z\",\"dateModified\":\"2023-10-23T14:00:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-1412367772-1.jpg?fit=2359%2C1270","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556594"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=556594"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/556594\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/556634"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=556594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=556594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=556594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}