Chainlink continued to bounce between the $7-$7.6 levels over the past two weeks, and neither the bulls nor the bears had the strength to drive prices past either level.
continued to trade within a long-term range that extended back to June 2022. A recent report highlighted that LINK might be undervalued, and bulls could look to accumulate the token.Yet the indicators did not show significant demand behind the asset. Instead, Chainlink sellers continued to have the upper hand. Can the bullishness behindSource: LINK/USDT on TradingView
Another interesting factor was that Chainlink was coiling up within the $7-$7.6 region on the lower timeframes. This phase of contraction could be followed by a sharp expansion upward. However, this optimistic scenario was not backed by the indicators.The OBV has slowly declined over the past month, which showed steady selling pressure. The RSI hovered just above the neutral 50 mark and showed a lack of momentum, and equilibrium between bulls and bears.
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