LINK is stronger than the market, and its profitability is at its highest since December 2022. This is evidenced by the#Santimentanalysis. Prior to this, on May 17, they reported that they had been recording the accumulation of LINK by whales for the fifth week.
Theses of today's analysis:
- Chainlink decouples from the market to reach a 6-week high, with profit margin at its highest level in 17 months.
- The number of LINK transactions at a higher price than when received occurs in a ratio of 11:1 compared to transactions at a lower price than when received.
The second thesis means that for every 1 losing#LINKtransaction, there are 11 profitable transactions. And this is precisely the highest ratio since December 8, 2022.
Logically, it’s time to sell to those who are holding speculatively. BUT as long as the price is above the upward trend starting from mid-September 2023, growth is a priority. But in case of its breakdown, the price will most likely go to collect liquidity behind yesterday’s level and from the EMA of the 50 day TF. To the volume level of $15,296.
While today's growth in the price of the asset can break the signal of the trend reversal indicator, built on the basis of Thomas DeMark's candlestick analysis method. During yesterday’s decline, we just tested the EMA of the 50 day TF. The nearest resistance if growth continues are the volume levels of $18.145 and $19.735.
We leave in force our forecast from May 17:
“... as long as the price is above the 50 EMA and 200 daily TF or at least above the 50 EMA of the weekly TF, the priority is definitely a reversal after the spring correction, growth and updating of the current cycle high”
Squeezes below are possible given the bearish market situation. But overall, the $15,296 area looks like strong support for now. Below which the price may not be allowed.
For the last two weeks, the asset has been pumping up due to news reasons.
Last week, DTCC, together with Chainlink, announced the launch of a “Smart NAV” pilot project.
Today, Mind Network and Chainlink launched an interface testnet with Full Homomorphic Encryption (FHE) technology.
