LINK might be ready to ditch the bears as it starts to form a bullish reversal pattern. What about Chainlink holders?
The formation of an inverse head-and-shoulders pattern indicated rising trader interest.LINK’s price was below all three key moving averages at press time – the 50-day MA , the 144-day EMA , and the 200-day MA . This typically indicates a bearish trend.The RSI is around 39.54, which is below the neutral 50 mark but above the oversold territory.
Given the recurrence of the inverse head-and-shoulders patterns and their positions relative to the moving averages, LINK appears to be attempting a recovery from its previous downtrends. The descending trend in the MVRV ratio, currently nearing -16.84%, suggests that most holders who bought or moved LINK during the past two months are at a loss.Typically, a lower MVRV ratio can indicate that a token is undervalued, which might suggest a potential buying opportunity if investors believe the price will rise soon.LINK’s derivatives trading volume has surged by 85.94%, suggesting a high level of activity and trader interest in anticipation of the bullish reversal.
As indicated by the Long/Short ratio of 0.9257, the overall market sentiment suggests a nearly balanced view among traders, though slightly leaning towards bullishness. Given the current setup and recent market behavior, Chainlink does appear to be on the cusp of a bullish reversal.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology. With a keen eye for detail and a knack for breaking down complex topics, she helps demystify blockchain for a wide audience, ranging from novice enthusiasts to industry experts.Subscribe to get it daily in your inbox.
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