registered a sustained consolidation phase. The altcoin wasn’t immune to bouts of depreciation though, with the crypto down by 3% in the last 24 hours alone. And yet, market sentiment remains positive across the board. Is there a reason why?Amidst market volatility, various developments have tried to push LINK’s price action in a positive direction. For starters, Coinbase Derivatives filed to list LINK-regulated Futures contracts with the CFTC.
These two developments have played a vital role in shaping the market’s sentiment. By extension, many in the community are also predicting higher price targets for LINK. Popular crypto analyst“$LINK can realistically go to 0.0009 $BTC this cycle. $75k BTC would put LINK over $67. $150k BTC would put LINK at $135.”AMBCrypto’s analysis of CryptoQuant revealed that the market has been seeing some positive growth on the charts.
A fall in the exchange supply ratio means that holders are moving assets to external wallets, indicating confidence in the future value of LINK. Equally, it means reduced selling pressure, which drives prices up.Additionally, our analysis found that the Aroon Up line was above zero at 7.14%. Here, Aroon Up lines measure the strength of a trend while helping understand where the price will reverse. 7.14% means that the prevailing trend is gaining strong momentum.
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