Chainlink (LINK): What This Report Has for Individuals Planning Longs in Q4October 6, 2022
Chainlink (LINK) witnessed impressive news recently. That comes after a month of downs and ups. LunarCrush’s latest tweet shows LINK as among the top movers within the top 100 on October 4, as Chainlink trended due to the SmartCon.
That represented a lucrative development for Chainlink, increasing the chances of the next bullish rally. Moreover, Chainlink tweeted about updates such as integrations across Polygon, Avalanche, and Polygon.
Surprisingly, LINK gained around 2% within the past day, matching the findings by LunarCrush. Nevertheless, the alt failed to print green on the 7-day chart, displaying a 3% loss over the past seven days. While publishing this post, LINK changed hands at $7.77.
Multiple ‘LINK’s to Going Green
WhaleStats, a Twitter page that offers whale action updates, revealed another notable piece of information. The tweet confirmed that LINK joined the list of tokens the leading 100 ETH whales held. That represented impressive news, indicating increasing whale confidence in Chainlink.
Moreover, assessing LINK’s on-chain metrics highlighted potential price upticks soon, with most of them supporting LINK. For example, Chainlink’s MVRV (Market Value-Realized Value) Ratio recorded a surge, translating to a positive sign. Also, Chainlink’s soared last week following a substantial downfall. That increased the chances of price upticks.
However, the token’s network growth recorded a surge, printing another impressive sign for the Chainlink blockchain. Nevertheless, some metrics didn’t favor the alternative coin. Developer activity recorded a dip -a red flag showing fewer developers contributed to the blockchain enhancement.
Also, data from CryptoQuant showed Chainlink exchange net deposits remained higher than the 7d average, confirming heightened selling pressure. Surprisingly, the alt’s NFY sector struggled, with overall NFT trades declining within the past week.
What for LINK?
Though the on-chain metrics and discussed updates suggest better days for investors in the coming times, some facets questioned an impending rally. Chainlink’s daily chart showed the RSI (Relative Strength Index) and CMF (Chaikin Money Flow) stayed beyond the neutral level, which did not indicate a bearish or bullish stance.
Furthermore, the MACD recorded a bearish cross, diminishing upside chances for the altcoin. The EMA Ribbons indicated that Chainlink’s 20-da Exponential Moving Average tussled with the 55-day before a bullish cross. That could heighten northbound breakout chances.