• Chainlink (LINK) price continues to trade within a long-term range extending back to June 2022.
• Recent report highlighted that LINK may be undervalued, which could provide an opportunity for bulls.
• Despite bullish market structure on the daily timeframe, indicators showed lack of demand and falling network growth and development activity.
Chainlink Price Continues Trading within Long-Term Range
Chainlink continued to trade within a long-term range that extended back to June 2022. A recent report highlighted that LINK might be undervalued, and bulls could look to accumulate the token. Yet the indicators did not show significant demand behind the asset. Instead, Chainlink sellers continued to have the upper hand.
Can Bitcoin Bulls Impact Chainlink Market?
The $7-$7.6 has been a battleground in the past two weeks yet can the bullishness behind Bitcoin seep into the Chainlink market? Realistic or not, here’s LINK’s market cap in BTC’s terms The OBV has slowly declined over the past month, which showed steady selling pressure. The RSI hovered just above the neutral 50 mark and showed a lack of momentum, and equilibrium between bulls and bears. Although the market structure on the daily timeframe was bullish, it weakened recently, and the $6.8-$7 zone of support could be tested once more.
Falling Network Growth & Development Activity Alarms Investors
Can falling network growth and development activity alarm investors? The short answer is yes. Network growth, which shows the number of new addresses created on the account each day, has been flat over the past three months with considerable ebb and flow but on 10 April it reached its lowest in three months while development activity has also been in a downtrend this was not something to be alarmed about by itself but its combination with falling growth could spook some long-term investors. The MVRV ratio was also spiraling downward showing holders were taking profits though lack of significant activity on age consumed metric suggested no intense selling had occurred over last month..
Key Takeaways
Chainlink price continues trading within long term range with recent report showing LINK might be undervalued providing opportunity for bulls however indicators show lack of demand with sellers having upper hand at present time meanwhile Falling network growth & development activity alarms investors as MVRV ratio spirals downward showing holders are taking profits yet no intense selling had occurred over last month..
Disclaimer
The information presented does not constitute financial investment trading or other types of advice and is solely writer’s opinion