Editors
Posted:
- LINK’s price action presented a conflicting picture, with some indicators pointing to bulls and others pointing to bears
- LINK’s short-term holders dominated the market at the time of writing
While most cryptocurrencies struggled to stay afloat and maintain breakeven, Chainlink remained [LINK] had a somewhat satisfying week. According to data from CoinMarketCapLINK exchanged hands at $6.25, which was up 6.45% over the past seven days.
Read Chainlink’s [LINK] Price Forecast 2023-24
To add to the aforementioned sentiment, Chainlink also posted an update on X (formerly known as Twitter) about its Price Feed. According to the update, Chainlink’s Price Feed enabled more than $8.4 trillion in transaction value.
Additionally, the solution also delivered more than 10 billion high-quality data points on-chain.
After enabling $8.4 trillion in transaction value and delivering more than 10 billion high-quality data points across the chain, #Chain link Price Feeds are the proven, industry standard solution for market data.
Three reasons why Price Feeds support the DeFi economy ⬇️ pic.twitter.com/be6J8paKcI
— Chainlink (@chainlink) September 8, 2023
This was an important development for the Chainlink network. However, the scenario on the price front seemed a bit shaky. LINK’s price was 1.99% lower than the day’s opening price. Additionally, the Relative Strength Index (RSI) also showed some bearish action.
Although LINK’s RSI managed to reach the 50 mark, at the time of writing there was a move towards oversold territory. This indicated that selling pressure had begun and could continue in the coming days.
However, unlike the RSI, LINK’s Moving Average Convergence Divergence (MACD) still showed a bullish crossover, albeit below the zero line. So the MACD was in favor of LINK’s price. What was also notable was that the Awesome Oscillator (AO) was also flashing green, but below the zero line.
Source: TradingView
In case the sellers gain more control, the bullish crossover could turn into a bearish crossover. Moreover, given the position of the RSI, that seemed like a possibility in the near future.
This is what the statistics say…
A look at LINK’s stats indicated an alternative scenario to the one seen on the price front. LINK’s average coin age has increased significantly over the past three months. This was a clear indication that LINK holders held on to their tokens despite the price changes.
Is your wallet green? View the LINK Profit Calculator
Moreover, although LINK’s weighted sentiment was light in early September, it managed to recover. This meant that despite the problems, LINK holders were optimistic about holding the altcoin.
Source: Sentiment
The increasing social dominance also reflected LINK’s strong position on the social front. However, the action on the price front managed to impact LINK’s long/short ratio.
At the time of writing, there were more traders with short positions than long positions. This was not a good sign for LINK’s price as short traders would add to the selling pressure in case LINK shows any recovery.
Source: mint glass
