- Chainlink hit quite a few milestones this week
- Stochastic was oversold, which was bullish, but other metrics were bearish
chain links [LINK] The latest price action was not what investors had expected, as the weekly chart was painted red. According to CoinMarketCap, LINK has posted a negative weekly gain of almost 10% and has been trade at $6.63 with a market capitalization of over $3.3 billion at the time of writing.
In contrast, CryptoQuant’s data It revealed a major bullish sign that could change the course of Chainlink’s price in the last weeks of the year.
Read chain links [LINK] predict the price 2023-24
Chainlink also achieved quite a few milestones this week, which were optimistic about the blockchain.
Here is the good news
CryptoQuant data indicated that the LINK indicator is oversold, which gives hope for a trend reversal soon. additional, link chain She announced that she was 16 integrals of four services for Chainlink across three different chains — including Ethereum, Fantom, and Polygon — this week, which was also a positive sign for the network.
Another significant achievement is that Chainlink, by solving the oracle problem, has enabled $6 trillion or more in total value by 2022.
4/ By solving the oracle problem, Chainlink has already reached $6T+ total value activated in 2022 alone.
Loans that pay themselves off? ☑️
Dynamic NFTs? ☑️
Maybe fair game? ☑️All of this is made possible by the Chainlink network.
Get the full story: https://t.co/cjraX64pQ8 pic.twitter.com/t261PHSYDp
– chainlink December 11, 2022
More good news awaited from the chain’s metrics, many of which supported the price increase. For example, LINK coin reserves have fallen, which was a positive sign because it represented less selling pressure.
The total number of transactions and active addresses also registered an increase, which paints an optimistic picture for Chainlink.
Chainlink has some cause for concern
However, Santiment’s chart looked a little unsettling. LinkThe MVRV ratio has been steadily declining over the past week, which was a bearish sign. LINK’s growth has also followed the same path.
Source: feeling
The market indices also did not support the rally, as the bears gained an advantage. This was compounded by the exponential moving average (EMA) band, which showed a bearish cross. The MACD told a similar story, indicating that the sellers have the upper hand in the market.
link chainThe Relative Strength Index (RSI) has settled below the neutral mark, which may prevent LINK price from rising in the short term.
Source: TradingView