Until recently, the under $ 30 pool consisted of the top four coins – DOT, ATOM, LINK, and UNI. DOT and ATOM have been bullish for the past few days and have successfully moved above the $ 30 line, in fact both were trading at $ 33 and $ 31 at press time.
DOT / USDT (left) and ATOM / USDT (right). Source: TradingView
With UNI not doing really well lately, can LINK be the next altcoin to make it into the DOT and ATOM tournaments?
The second half of October has not been a good time for LINK in recent years. In both 2019 and 2020, it saw horizontal movements on the price chart.
So far this year, LINK has fallen below the ascending channel in September and has been consolidating ever since.
It will therefore be a great challenge for LINK in the coming days to break with tradition and make progress.
The trading volume of LINK has been depressed most of the time. Last October, the volume hovered around the 2 billion mark. However, since the beginning of October this year, it has stagnated in the 800 million to 1 billion range. This shows the disinterest of the market participants.
In addition, active addresses are also on a downward trend. On each blockchain, users interact with each other through the address, and the current status of this indicator shows that Chainlink’s blockchain has failed.
The DAA price divergence was also showing bearish signs at the time of going to press. This model tracks the relationship between the price of the token and the age of the daily active addresses that interact with the coin.
No hope of resuscitation?
Well, given the waning state of the above indicators, hopes for an immediate rebound look bleak. However, the speed state of Altcoins appears to be getting better at press time and has become less chaotic over time.
The Chainlink rally on the price chart is usually accompanied by a steady pace. If this figure is more stable over time, the LINK rally can be expected to start.
In addition, the number of tokens held by the top 1% of addresses is ATH reaching over 85% of supply and, interestingly, LINK rises every time a new high is hit.
In the meantime, the LINK NVT is pretty stable so far. Hence, fundamentals are likely to change Chainlink’s fate in the coming weeks, and only if that happens will LINK be able to cross the $ 30 psychological mark.
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According to Ambcrypto