- ChainLink edges out Bitcoin Cash to claim the number 5 position
- Weiss Ratings believes LINK’s move upward is too much
- The company warns that the ChainLink’s final ATH is approaching
Cryptocurrency News Today – the digital asset native to ChainLink (LINK) has gained momentum and toppled Bitcoin Cash on the list of the largest digital currency by market cap. The LINK/USD is chart managed to push towards territory that it has never charted on in past sessions.
The digital asset is holding firm at the 5th position according to CoinMarketCap data. Several days back, LINK managed to displace Bitcoin SV and later Bitcoin Cash to reach its current position on the list of the top digital asset. LINK has continued to set new ATHs nearly every 24-hours. On August 13, LINK reached $18.35 on Binance which was a new all-time high.
Traders and Investors are Advised to Anticipate the Final ATH of LINK
Following, this brief background the team at Weiss ratings believes LINK’s recent market movement is a bit too much. No wonder they have advised investors and traders about LINK, adding that its continual rise might be ending soon. Here is the statement by Weiss Ratings:
“The native cryptocurrency of decentralized oracle network ChainLink has gotten into the top five in terms of total market cap. That is too much and the final ATH is approaching.”
Considering LINK’s parabolic moves, the coin has moved into uncharted territory and stakeholders are more or less trading in the coin with no reference data from Link’s past market movements. One way that appears to be working for them is using each ATH set by the coin as a short-term support area in case there’s a selloff.
Yesterday’s Selloff Took LINK from $15.80 to $18.35
A good example of how LINK has performed is seen in yesterday’s Yam Finance selloff. At the time LINK managed to bounce from its previous ATH value of $15.80 that was set on August 12. It bounced off this position to reach the above-mentioned new ATH of $18.35. To sum it up, LINK has continued its interstellar mission to reach the top. It has since displaced Bitcoin Cash to claim the 5th position.
LINK’s fast rise in the digital asset market has made the team at Weiss ratings to caution that the current upward trajectory of the coin is too much. Finally, they have predicted that LINK’s final rally in the digital currency market is approaching. As is the case with most of the ChainLink analysis, it is recommended that traders and investors use stop losses and low leverage when dealing with LINK.