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Good news recently came in for Chainlink [LINK] after what seemed like a month of ups and downs. According to a recent tweet from LunarCrush, LINK was among the “largest movers in the top 100” on 4 October as “Bullish” Chainlink news was trending following SmartCon. This was a promising development for LINK as it […]
A no-go for LINK then?
Though all the aforementioned updates and on-chain metrics indicated that investors can expect better days ahead, a few factors questioned an upcoming rally. LINK’s daily chart revealed that the Relative Strength Index and Chaikin Money Flow were resting just above the neutral position, which didn’t clearly suggest bullish or bearish behavior.
Moreover, the Moving Average Convergence Divergence also registered a bearish crossover, further reducing the chances of an uptick. The Exponential Moving Average Ribbon’s data showed that LINK’s 20-day EMA was tussling with its 55-day and later registered a bullish crossover. This may increase the chances of a northbound breakout.Subscribe to get it daily in your inbox.
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