Is Chainlink Finally Recovering? Here is a detailed report
Here’s what Chainlink investors can expect in Q3 2023
- LINK’s EMA ribbon showed the possibility of a bullish crossover
- Despite the price increase, the token’s weighted sentiment fell
Chain link [LINK] spiraled upwards last week, putting a smile on investors’ faces. Moreover, according to a new analysis, LINK may already have entered a recovery phase. The chart suggested that LINK could enter a bull rally soon.
Read Chain link [LINK] Price prediction 2023-24
Is LINK on the road to recovery?
According to a tweet from Rekt Capital, LINK successfully confirmed its return to its multi-year range. Not only that, but the price chart also turned bullish. From CoinMarketCapLINK is up more than 7% in the past seven days.
Moreover, the price of the token is up more than 2.3% in the last 24 hours alone. At the time of writing, it was trading at $6.61 billion, with a market cap of over $6 billion.
A look at the token’s daily chart gave a bullish idea as most of the stats supported the buyers. For example, the distance between the 20-day exponential moving average (EMA) and the 55-day EMA narrowed. This increased the likelihood of a bullish crossover.
In addition, the Moving Average Convergence Divergence (MACD) data also complemented that of the EMA ribbon, which also looked bullish. In addition, Chainlink’s Relative Strength Index (RSI) was also high, which was another bullish signal.I.
Source: TradingView
Take a look at CLUTCHThe stats showed that things were looking pretty good for the altcoin. In addition, according to CryptoQuant, LINK’s foreign exchange reserves decreased. This was a positive update as it suggested that the selling pressure was less on the token.
In addition, Chainlink’s transaction count and daily active address count were higher than the past day, which was also bullish.
Do investors doubt?
Not only were the above stats bullish, but a few other metrics supported the bulls as well. For example, the blockchain’s Market Value to Realized Value (MVRV) ratio improved significantly last week. This gave hope for a further rise in the price in the coming days.
Source: Sentiment
Realistic or not, here it is LINK market cap in BTC‘s conditions
However, data from Santiment showed a different picture. According to the chart below, CLUTCHWeighted sentiment fell sharply last week.
A fall in the metric suggested that investor confidence in the token was waning. It is interesting to note that despite a decline, LINK’s social dominance gained upward momentum, which was a positive sign for a blockchain.
Source: Sentiment
