LINK’s RSI and stochastic were oversold.
Statistics supported a price increase, but indicators suggested otherwise.

Chain link [LINK] has not performed well on the pricing front, for which credit goes to external market conditions.

According to CoinMarketCapLINK fell by 3.45% and 2.9% per day and week respectively. At the time of writing, it was trading at $6.63, with a market cap of over $3.3 billion.

However, things may soon turn in LINK’s favor; a few of the on-chain indicators painted a bullish picture for the crypto.

Read Chain links [LINK] Price prediction 2023-24

This looked optimistic

from CryptoQuant data revealed that LINK’s Relative Strength Index (RSI) and Stochastic were both in oversold positions, indicating a trend reversal that can be expected in the coming days.

Not only that, but LINK’s foreign exchange reserve also declined, which is a bullish signal as it points to less selling pressure.

Another positive update was LINK’s active addresses on their way up. According to Santiment’s chart, LINK’s MVRV ratio was significantly lower, possibly pointing to a potential market bottom.

In addition, his speed also registered a slight increase, giving hope for better days ahead.

Source: Sentiment

It should be noted that in addition to the above statistics, there were also some optimistic developments Chain link‘s ecosystem, which could play a role in triggering the new bull run.

For example, T-System, a node operator for the Chainlink Network, has announced that it will participate in Chainlink Staking. T-Systems MMS supports the evolution of blockchains as advanced computing platforms enabling decentralized applications by participating in Chainlink Staking.

In the meantime, Chain link also announced it was finally live on Arbitrum mainnet. With this new integration, Arbitrum developers can now build fully automated dApps that are end-to-end decentralized.

In the official releaseNiki Ariyasinghe, Head of Blockchain Partnerships at Chainlink Labs, said: “We are excited to support the Arbitrum ecosystem with Chainlink Automation’s native integration, enabling developers to build highly scalable and low-cost smart contract applications that have automated termination. “

However, the misery persists

Take a look at CLUTCHThe daily chart showed that the bears are still ahead of the bulls in the market. This may prevent LINK from entering another bull rally any time soon.

The Bollinger Band suggested that LINK’s price was in a tight zone, reducing the likelihood of a sudden uptrend. The MACD showed a bearish crossover. LINK’s Chaikin Money Flow (CMF) also registered a downtick, further reducing the likelihood of a breakout to the north soon.

Source: TradingView

This post Must Chainlink [LINK] holders expect a trend reversal with the new updates?

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