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Chainlink: Can Bears Spark Another Rally After This Significant Milestone

Chainlink [LINK], while being a major decentralized oracle network, has seen price changes in recent weeks, with both positive and bearish tendencies influencing its performance. Nonetheless, the token has seen a 20% increase in the last 30 days.

However, the increase in value has not changed many investors’ perceptions about the coin. At the time of publication, Santiment reported a LINK weighted sentiment of -0.781. The metric measures the social discourse surrounding an asset, taking into account both positive and negative sentiments.

Because the weighted emotion was negative, it implied that the overall vibe surrounding LINK was not necessarily positive. Despite the generally bad view, LINK was able to soar to $7.61 by mid-February. Is it possible that the December price action will be repeated? 

According to the technical indications, the On-Balance-Volume (OBV) was 233.86 million. To analyze price projections, the indicator measures buying and selling pressure based on daily volume. 

The LINK OBV closed higher at the time of writing, as the price continued to rise. Because they were both making higher peaks and troughs, LINK is likely to try to maintain its rally.

The daily chart of the Moving Average Convergence Divergence (MACD) showed that the bulls and bears were fighting for control of the momentum. The blue and orange dynamic lines circling about the same spot produced this result.

Furthermore, the Chaikin Money Flow (CMF) has exited the negative territory, peaking at 0.06. When the CMF falls below zero, it indicates that money flow has been impeded. When it crosses above, though, it implies a steady flow of liquidity into an asset.

For LINK, the CMF passed the zero line from below, indicating that it may continue to rise. However, because the indicator was less than 0.5, traders should be wary of false signals.

According to on-chain statistics, LINK is now priced at a discount based on the Network Value to Volume (NVT) signal. Historically, low NVT signals have served as opportunities to stockpile. They frequently tally as an asset bottom. As a result, the present LINK condition may provide long-term holders with a purchasing opportunity.

 

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