Blockchain News

What Are the Odds of Chainlink [LINK] Crossing its Near-Term High This Week?

Chainlink’s [LINK] latest price movement did not meet expectations, as its weekly chart was coloured red. According to CoinMarketCap, LINK saw approximately 10% weekly losses and was trading at $6.63 with a market value of more than $3.3 billion at the time of publication.

However, CryptoQuant’s analytics indicated a significant positive signal that might alter Chainlink’s price trajectory in the last weeks of the year.

This week, Chainlink also achieved a number of milestones that bode well for the blockchain.

According to CryptoQuant’s research, LINK’s stochastic was oversold, indicating that a trend reversal was imminent. Furthermore, Chainlink announced 16 integrations of four Chainlink services across three distinct chains this week, including Ethereum, Fantom, and Polygon, which was a favorable signal for the network.

Another notable accomplishment was the resolution of the Oracle problem, which allowed Chainlink to enable $6 trillion or more in total value by 2022.

More excellent news was on the way from the on-chain measurements, which supported a price increase. For example, LINK’s exchange reserve declined, which was a good indication since it indicated reduced selling pressure.

The overall number of transactions and active addresses also increased, giving a more positive picture for Chainlink.

However, Santiment’s graph seemed alarming. LINK’s MVRV Ratio has been continuously declining over the previous week, indicating a negative trend. The expansion of the LINK network followed the same pattern.

Market signs were also not in favor of a price increase, as the bears acquired an edge. This was compounded by the bearish crossing of the Exponential Moving Average (EMA) Ribbon. The MACD provided a similar narrative, indicating that sellers had an advantage in the market.

Chainlink’s Relative Strength Index (RSI) was below the neutral level, which might limit LINK’s price rise in the near term.

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