- Ah, the grand tale of Chainlink! High development and relentless accumulation, a siren’s call for the hopeful investor!
- Yet, the daily price chart whispers of bearish shadows, but lo! A breach of $17.5 could change the tune!
In the bustling realm of DeFi, Chainlink [LINK] stands tall, leading the charge in development activity this past month. Our dear analyst Brian from Santiment observes that the hierarchy of dev activity remains steadfast, like a stubborn mule refusing to budge.
The price action chart reveals a valiant struggle; the bulls valiantly defend the $14.4-support, yet they falter at the $17.45-resistance. A tragic comedy, indeed!
It appears sentiment is not in favor of our brave buyers. Thus, we ponder – do the on-chain metrics hint at a glorious bullish reversal, or are we merely chasing shadows?
Chainlink holders: A tragic tale of losses over the past three months
The 90-day mean coin age, once soaring high in January, has now slowed its ascent. Yet, it clings to its upward path, like a weary traveler on a long journey. The MCA metric, a measure of how long LINK tokens have lingered in their wallets, tells a tale of patience.
A rising trope of accumulation spreads across the network, a bullish signal for Chainlink, or so we hope! Meanwhile, the MVRV ratio stands at a dismal -26.29%, revealing that our holders are down 27% on average. Ouch! 😬
But fear not! The rising MCA offers a glimmer of hope, a buy signal amidst the quiet dormancy of circulation. No spikes in token transfers, no selling pressure – just a serene stillness.
The supply distribution chart tells a curious story: addresses with over a million LINK are dwindling, while the ranks of retail and whale holders swell. Yet, the 10k-100k LINK holders seem to be on a downward spiral, lacking direction since December. A puzzling riddle!
This backs the notion of accumulation, as the mean coin age suggests. Together, they may just help Chainlink breach the $17.45 resistance, like a hero breaking free from chains!
The resistance zone around $18, once a bastion of support, now stands as a formidable barrier. The MACD reveals a predominantly bearish momentum, though a few green bars on the histogram dance in celebration of recent price hikes. A bittersweet symphony!
Lastly, the A/D indicator trends higher, reinforcing the idea of Chainlink accumulation during this period of consolidation. Drawing from the November-December 2024 rally to $30.94, Fibonacci retracement levels have been plotted. The $14.54-level, a significant demand zone, beckons like a siren’s song.
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2025-03-09 02:21