Chain link [LINK] recently made headlines for releasing the latest update, Chainlink node software version 1.9.0. This update would simplify the management of nodes and increase the capabilities and flexibility of Oracle tasks.

This development looked quite positive for the currency. However, it did not reflect on the coin’s map according to CoinMarketCap. LINK is down more than 5% in the past seven days.

At the time of writing, LINK was trading at $7.05 with a market cap of over $3.46 billion. Incidentally, several on-chain statistics also indicated a similar result of the price decline.

_______________________________________________________________________________________

Here are AMBCryptos Chainlink price prediction (LINK) for 2023-24

_______________________________________________________________________________________

LINK— The troublemaker

Despite showing negative signs on charts, CLUTCH managed to be one of the most popular coins in the top 500 Ethereum [ETH] whales as it was one of the coins that the whales were holding. Things didn’t look too good for LINK though, as most on-chain stats weren’t favorable to LINK.

For example, LINK’s volume registered a decline after peaking last week, which is a negative signal for a blockchain. Not only that, but LINK’s network growth also registered a decline, increasing the likelihood of a price drop in the coming days.

While LINK’s Market Value to Realized Value (MVRV) showed an increase, it was still much lower compared to last week. This was another red flag for the blockchain.

Source: Santiment

Nevertheless, a few stats favored LINK. For example, CLUTCHDevelopment activity has picked up significantly over the past week, which was good news for the coin as it meant an increased effort from developers to improve the network.

In addition, LINK’s social mentions also registered an uptick last week, representing a rising popularity of the coin.

Source: Santiment

Expect the unexpected…

Take a look at CLUTCH‘s daily chart revealed a different picture. The Exponential Moving Average (EMA) ribbon has seen a bullish crossover, increasing the likelihood of a price increase in the coming days. In addition, the Relative Strength Index (RSI) also registered an increase and moved towards the neutral position.

However, LINK’s Chaikin Money Flow (CMF) was in free fall at press time, which may prevent LINK’s price from moving up.

Source: TradingView





This post Chainlink: Could ETH Whales Help LINK Break the Bears Buoys in the Days to Come?

was published first on https://ambcrypto.com/chainlink-can-eth-whales-help-link-break-its-bear-shackles-in-the-days-to-come/

Author

Write A Comment