Chainlink joins the list of most traded smart contracts among the top ETH whales. LINK bears face resistance threatening to cut short their recent dominance. The Chainlink blockchain is gradually extending its tentacles across the decentralized landscape. Its long-term expectations are particularly high but its native token LINK remains undervalued at best. But, there is […]
by as much as 10% from its current monthly high. This puts it within the 50-day moving average, as well as the 50% RSI level where it is likely to bounce off.The price had already started demonstrating signs of a potential bounce back. There are some interesting observations that demonstrate why the downside may have been cut short.
We did witness a massive drop in the MVRV ratio since 11 January which confirms a sizable drop in profitability. The same metric is currently at a new monthly low.More notably, LINK’s daily active addresses surged to a new monthly high in the last 24 hours, at the time of writing. These observations likely represent a resurgence of bullish demand considering that the bears failed to maintain dominance.An analysis of LINK’s exchange flows confirms that bears were previously in control.
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