Chainlink’s price action has been all over the place throughout the past few weeks, with it first seeing a bout of capitulation that sent it to lows within the $7.00, before it was able to post a strong rebound that led it up to highs of $11.20.
Unfortunately for LINK bulls, the cryptocurrency has not been able to stabilize above the $10.00 mark in the time following its rebound from $7.00. This points to some underlying weakness amongst the crypto’s buyers.
While speaking about where the market may trend next, one analytics firm explained that there are some signs of fundamental strength currently underpinning the cryptocurrency.
They specifically point to its MVRV metric, noting that this indicates that the crypto could be forming a short-term bottom that is followed by further upside.
In order for its technical situation to reflect this fundamental strength, it is imperative that the cryptocurrency surmount $10.00 once again and begins pushing up towards fresh post-capitulation highs.
Bitcoin may hold some influence over Chainlink and other altcoins, but it is currently caught within a tight bout of sideways trading that has offered little insights into its near-term outlook.
Chainlink Struggles to Gain Momentum as Altcoin Market Consolidates
At the time of writing, Chainlink’s price is trading up marginally at its current price of $9.25, struggling to garner any decisive momentum.
The cryptocurrency has been caught within a prolonged bout of sideways trading in