![What are the odds of Chainlink [LINK] crossing its near-term high this week?](https://i.headtopics.com/images/2022/12/14/cryptoamb/what-are-the-odds-of-chainlink-link-crossing-its-n-what-are-the-odds-of-chainlink-link-crossing-its-n-1602869236954992641.webp)
Chainlink reached quite a few milestones this week Stochastic was oversold, which was bullish, but other metrics were bearish Chainlink’s [LINK] recent price action was not what the investors expected, as its weekly chart was painted red. According to CoinMarketCap, LINK registered nearly 10% negative weekly gains and was trading at $6.63 with a market […]
The more good news was waiting from the on-chain metrics, as several of them supported a price hike. For instance, LINK’s exchange reserve decreased, which was a positive sign as it represented less selling pressure.
The total number of transactions and active addresses also registered an increment, further painting an optimistic picture for Chainlink.’s MVRV Ratio steadily declined over the last week, which was a bearish signal. LINK’s network growth also followed the same path.The market indicators were also not supportive of a price surge, as the bears gained an advantage. This was exacerbated by the Exponential Moving Average Ribbon, which displayed a bearish crossover.
’s Relative Strength Index was resting below the neutral mark, which might restrict LINK’s price from rising in the short term.Subscribe to get it daily in your inbox.
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