- Chainlink has regained its bullish structure on the daily chart.
- There was evidence for accumulation over the past month, but the weighted sentiment remained bearish.
Chainlink [LINK] has flipped its daily market structure bullishly after climbing past the $23.83 level on the 17th of January. The bullish structure was accompanied by rising demand and a shift in momentum.
Source: LINK/USDT on TradingView
The 61.8% Fibonacci level was retested and the psychological $20 zone was not relinquished despite the bearish sentiment across the market in recent weeks. It was likely that the recovery could turn into an uptrend that could drive Chainlink beyond $31.
Daily active addresses of Chainlink users show…
Source: Santiment
During the holiday season, LINK’s development activity dropped significantly but remained respectable compared to other large-cap altcoins. In the first week of January, dev activity began to recover and
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Author: Akashnath S
