LINK holders have had quite the rollercoaster during the 2022 Bear Market. And especially to the bottom (so far).

The price is characterized by up and down price movements that are a swing trader’s dream come true. However, July’s performance was relatively subdued, but could this be the calm before the storm?

LINK was one of the most active cryptocurrencies during this year’s bear market. It maintained significant price movements, even as some of the best digital currencies experienced periods of relative price calm.

It is also one of the few coins to maintain their price levels above the May lows.

The cryptocurrency unexpectedly found one of the lowest gains among the top cryptos by market cap during the latest rally.

LINK was up only 32%, which is a relative underperformance given the high volatility in June. It peaked at $7.60 during its last rally, but has already retreated 12% to the press time price of $6.63.

Source; Trading Display

Can 50% RSI act as a buy zone?

The 50% RSI level has historically been treated as a resistance level during most bullish periods.

It often provides support during a bearish performance. The price of LINK has pulled back to the 50% level, but can this same level provide enough support to push the price back up?

Such an outcome means that there must be enough accumulation near the current price level for the bulls to recall.

LINK’s delivery distribution shows that addresses with the largest balances are already purchasing at the current discount.

Addresses with more than 10 million LINK coins currently have most of the coins in circulation. They increased their balance by 1.01% in the last 24 hours of press time.

Source: Santiment

Most of the other top addresses with between 10,000 and million coins have lowered their balances, adding to the selling pressure.

However, there were signs of re-accumulation pointing to a higher probability of a bullish bounce back.

At the time of writing, LINK’s MVRV ratio had fallen to 4.72% from its four-week high of 13.76% as many traders made gains during the latest rally.

In addition, the speed has increased significantly in the last 24 hours of pressing time. This is an important observation as bearish pressures abated significantly over the same period.

Source: Santiment

The higher speed confirms the ongoing tug-of-war between the bulls and the bears.

Buying pressure does a good job of absorbing the selling pressure.

A rally is to be expected if there are enough volumes to catch up with the downward pressure.



This post Chain link [LINK] can aim for short-term recovery with these statistics

was published first on https://ambcrypto.com/chainlink-link-can-aim-near-term-recovery-with-these-metrics/

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