While there have been significant declines in Bitcoin (BTC) and altcoins since the weekend, these declines present a buying opportunity for some altcoins.
One of the buying opportunities may have come for Chainlink (LINK). At this point, experienced analyst Ali Martinez said that the MVRV rate for LINK may be signaling a buying opportunity.
Pointing out that according to historical data, there was an average 50% increase in LINK after the 30-day MVRV rate fell below -12.24%, the analyst pointed out that the MVRV rate is currently -17.54%.
According to the analyst, this MVRV ratio may present an opportunity to buy the dip in LINK.
“When the Chainlink MVRV 30-Day Rate drops below -12.24% since August 2022, it signals a significant buying opportunity with an average return of 50%!
Currently LINK 30-Day MVRV Ratio stands at -17.54%. This could be another chance to buy the dip on LINK!”
LINK continues to trade at $13 at the time of writing.
*This is not investment advice.