No cryptocurrency has outperformed Chainlink over the last two years of the bear market. But like everything that goes up with such powerful momentum, the way back down is almost nearly as strong.
In what feels like a flash, Chainlink has already lost a full 60% from the 2020 high at $20 to the recent local low. Thus far, the correction has been “healthy” according to one crypto analyst, but if support is lost at $8, so-called Link Marines will be turned into “submarines” with their holdings underwater.
Why Chainlink Investors Could Find Themselves Underwater, Claims Analyst
Chainlink shocked all crypto market participants this year with its astronomical rise out of Black Thursday lows.
During the mid-March madness, the token fell in value to nearly zero on some cryptocurrency exchanges, and anyone who caught that random spike down made themselves a small fortune.
In fact, anyone who bought even the normal lows that day sans any flash crash would have turned roughly $2 into $20 for each LINK token held.
After just a few short weeks, the asset set a new all-time high and went into full price discovery mode. The FOMO and parabola took Chainlink to a high of $20 before profit-taking took over.
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Crypto whales had warned the FOMO would eventually fizzle out, and it did. In just over a month, Chainlink