Chainlink (LINK) Price Turns Bullish Because of This Reason

Key Insights

• On 21 November, the global crypto market cap fell below the $800 billion mark.
• Chainlink has risen against the trend and is accompanied by interesting on-chain statistics.
• Despite the bearishness of the crypto market, Chainlink rose by 3%. 

Chainlink is in the news again. When measured using the RSI, the values of Bitcoin and Ether, which have fallen 4% and 12% over the past seven days, respectively, are getting close to an oversold territory as the crypto market struggles to bounce back from the last few weeks’ events.

This week, the crypto market had a shaky start, indicating that buyers are still hesitant to buy any sizable drops.

The global crypto market cap fell below the $800 billion mark due to persistent selling throughout the last few weeks. However, amid the bearishness across the market, several altcoins have managed to rise directly against Bitcoin and Ethereum.

One of these altcoins is Chainlink.

Chainlink has risen against the trend and is accompanied by some interesting on-chain statistics, as noted by the crypto data aggregation platform, Santiment.

Chainlink Price Jumps 

Despite the bearishness of the crypto market over the past few days, Chainlink rose by 3% over the last 24 hours. Overall, the altcoin has shaken off some of its losses over the last seven days, as per data from CoinMarketCap.

According to a tweet from Santiment, the bigger story of Chainlink’s impressive price action is much more enjoyable. According to Santiment, LINK’s price increase was accompanied by a dramatic rise in active addresses, which started around the time of the FTX crash. This upsurge in dynamic addresses, according to Santiment, is still at year-high levels.

🔗📈 #Chainlink jumped a mild +3% Monday despite #Bitcoin & #Ethereum falling. The bigger story is the $LINK's sudden active address surge, which began surging approximately when the @FTX_Official fallout occurred, & it is still up at one-year high levels. https://t.co/6tsltJSdJT pic.twitter.com/anMkZCsBKO

- Advertisement -

— Santiment (@santimentfeed) November 22, 2022

According to Santiment, more than 8,000 unique LINK addresses interacted with one another daily over the last seven days for the first time in 18 months (May 2021).

Other digital assets and altcoins are also doing well at the time of writing. For example, TRX, the native cryptocurrency of Tron, is up 2.52% as of this writing and has a market cap of $4.7 billion. On the weekly chart, the altcoin is also trading in the green.

Others like XRP and Litecoin are also on the greens, with 1.52% and 1.59% upsurges, respectively.

LINK Price Analysis

A look at Chainlink’s Charts shows that LINK is bullish and has recovered to the $6.00 mark after a sudden drop to the $5.70 price level.

The dark green shade of the MACD’s histogram illustrated above indicates that the MACD predicts bullishness on the cryptocurrency. However, the momentum on the indicator is weakly bullish, as noted in the histogram’s modest height.

On the other hand, the histogram’s darker shade denotes strengthening bullish momentum and shows that the price is moving upward.

According to the charts, the bearish pressure that drove the price down to $5.70 has mostly subsided as the bulls have accelerated the price upward to $6.00.

The following short-term resistance level for LINK is at $6.30. As such, a price rally to this level can be expected.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.