Worry or not – here’s what LINK HODLers should know

chain link LINK has recently gained some momentum as it has been involved in some interesting new developments on its network, each of which looked promising. For example, the network revealed that it exceeded $6.18 trillion in the value of enabled transactions in 2022. In addition, according to the same, Chainlink has exceeded 4.2 billion data points delivered on-chain.

However, this development cannot affect the LINK price chart as it is trading 4% lower than last week at $7.51 with a market capitalization of over $3.68 billion. Interestingly, a look at the on-chain LINK scales also painted a somewhat negative picture of the currency, with many of them hinting at a downtrend soon.

What is actually cooking?

Santiment’s data revealed that all may not be well for LINK in the coming days.

LINK volume has recorded a massive decline recently after rising on September 29th. LINK development activity has also declined in recent days, which is pretty much a red flag for any blockchain. Not only that, but the social volume of LINK has followed the same path and its value has decreased, compared to last week – not a positive sign as it indicates a decline in interest in the currency.

But a little later, LINK’s MVRV ratio is on the rise. This can only help increase the value of the currency on the charts.

Source: feeling

The bright side?

Interestingly enough, CryptoQuant data showed that LinkCurrency Reserve is lower – a bullish sign as it appears to indicate lower selling pressure. The same was true for LINK’s exchange network flow where it was low, compared to the 7-day average – another green tick for the coin.

Source: CryptoQuant

anyways, LinkThe daily chart expected an ambiguous picture as some market indicators hinted at better days ahead while others pointed to doom. For example, LINK’s 20-day exponential moving average (EMA) was above the 55-day exponential moving average. This refers to the buyer’s advantage in the market.

Bollinger Bands revealed that the LINK price has been in crisis territory and may turn volatile soon. However, the MACD revealed that after a fight, the bears gained an advantage as a bearish cross was registered.

In addition, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were in neutral positions, indicating that the market could move in either direction in the coming days.

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