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Chainlink: Can ETH whales help LINK break its bear shackles in the days to come

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Chainlink [LINK] recently made it into the news for releasing its latest update, the Chainlink node software version 1.9.0. This update would make node management easier and increase the capability and flexibility of Oracle jobs. 

This development looked quite positive for the coin. However, it didn’t reflect on the coin’s chart according to CoinMarketCap. LINK dropped by more than 5% in the last seven days.

At press time, LINK was trading at $7.05 with a market capitalization of more than $3.46 billion. Incidentally, several on-chain metrics also indicated a similar outcome of the price decline. 

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Here’s AMBCrypto’s Price Prediction of Chainlink (LINK) for 2023-24

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LINK— The troublemaker 

Despite showing negative signs on charts, LINK managed to be one of the most popular coins among the top 500 Ethereum [ETH] whales as it was among the coins that the whales were holding. However, things did not look quite well for LINK as most of the on-chain metrics didn’t favor LINK.

For instance, LINK’s volume registered a decline after a spike last week, which is a negative signal for a blockchain. Not only that, but LINK’s network growth also registered a decline, increasing the possibility of a price decline in the days to come.

Though LINK’s Market Value to Realized Value (MVRV) registered an uptick, it was still much lower as compared to last week. This was yet another red flag for the blockchain.

Source: Santiment

Nonetheless, a few metrics did favor LINK. For instance, LINK’s development activity surged considerably over the last week, which was good news for the coin as it represented increased effort from developers towards improving the network.

Moreover, LINK’s social mentions also registered an uptick last week, representing a rising popularity of the coin.

Source: Santiment

Expect the unexpected…

A look at LINK’s daily chart revealed a different picture. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover, increasing the chances of a price surge in the coming days. Furthermore, the Relative Strength Index (RSI) also registered an uptick and was moving towards the neutral position.

However, LINK’s Chaikin Money Flow (CMF) was in a freefall at press time, which might restrict LINK’s price from going up. 

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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