As it went to press, Santiment showed that LINK weighted feel was -0.781.
LINK was undervalued in current market conditions.
Despite being a leading decentralized oracle network, Chain link [LINK]has experienced price fluctuations over the past few weeks, with both bullish and bearish trends impacting performance. Nevertheless, the token has been able to gain a 20% increase in the last 30 days.
Read Chain links [LINK] Price prediction 2023-2024
The romance in contrasting sides
However, the increase in value has not changed many investors’ discernment towards the token. As it went to press, Santiment showed that LINK weighted feel was -0.781. The metric measures the social discussions around an asset, taking into account the positive and negative opinions about it.
Since the weighted sentiment was negative, this implied that the average aura around LINK was not necessarily bullish.
Source: Sentiment
But with mostly negative perception, LINK was able to rise to $7.61 by mid February. So, is there any chance of the December price action repeating itself?
Looking at the technical indicators, the On-Balance-Volume (OBV) was found to be 233.86 million. The indicator measures buying and selling pressure based on daily volume to evaluate price forecasts.
At the time of writing, the LINK OBV closed higher as the price followed an uptrend. Since they both made higher highs and lows, it is likely that LINK will try to hold a rally.
Maybe the Bulls have it?
Regarding the Moving Average Convergence Divergence (MACD), the daily chart showed that the bulls and bears were in a battle to control the momentum. This result is derived from the blue and orange dynamic line hovering around the same spot.
Source: TradingView
In addition, the Chaikin Money Flow (CMF) had exited the negative region peaking at 0.06. When the CMF rides below zero, it means the flow of money was impeded. But when it crosses above, it indicates a consistent flow of liquidity in an asset.
How many Worth 1.10.100 LINKs today?
For LINK, the CMF crossed the zero line from below, so there is a chance that it will continue an uptrend. But traders may need to watch out for false signals as the indicator was below 0.5.
According to on-chain data, it appears that LINK was currently priced at a discount based on the Signal. network value to volume (N/A).I. Low NVT signals have traditionally acted as opportunities to accumulate. Often they count as an asset floor. Therefore, the current LINK condition may provide long-term holders with a buying opportunity.
Source: Glassnode
This post Chainlink: Can Bears May Rally Again After This Major Milestone
was published first on https://ambcrypto.com/chainlink-can-bears-spark-another-rally-after-this-significant-milestone/
