The mainstream cryptocurrencies like Bitcoin (BTC) are lackluster today. They are almost flat. That is why it was expected that the Altcoins might also not see a lot of action. However, the exact opposite thing is happening with Chainlink (LINK). It is one of the best cryptocurrency performers today.
What made Chainlink (LINK) one of the best cryptocurrency performers today?
The long-term outlook, however, is not that positive. When you look at the 7-day performance, it has actually fallen from $ 0.5440 to $ 0.4440. It clearly indicates that it is just a recovery rally. Only when it can rise beyond $ 0.5440, it can continue the rally. Up until that point in time, it is just a recovery rally and not a new rise which warrants an investment.
Chainlink (LINK) is offering smart contract systems. It also facilitates data events as well as payments. As a result, the usage of the blockchain is on the rise. However, it is yet to witness the actual growth in the number of users who use the blockchain again and again. One-time users will not have a long-term positive impact on Chainlink (LINK). It will be easier for Chainlink (LINK) to justify the price rise only with repeated use. Otherwise, there might be a correction coming in the cryptocurrency.
If you’re thinking of investing in Chainlink (LINK), it is a good idea to wait it out. Only when it corrects, it will be easier for you to invest in this cryptocurrency. If you chase the momentum, you will most likely make a loss. It is a good idea to look at the fundamentals and let it correct a bit before contemplating any kind of investment.