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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Chainlink Investors Show Pessimism, Break Incoming?

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Chainlink

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Data shows Chainlink investors have been pessimistic recently, something that could actually turn out to be bullish for the cryptocurrency.

Chainlink Sentiment Has Been Highly Negative Recently

As pointed out by an analyst on Twitter, cryptocurrency market participants look to be bullish on LINK right now. The relevant indicator here is the on-chain analytics firm Santiment’s “Weighted Sentiment,” which tells us about the general sentiment around a given coin.

This metric is based on two other indicators: the Sentiment Score and the Social Volume. The former measures whether investors are talking negatively or positively about an asset currently. This indicator goes through social media text documents (the likes of tweets, telegram messages, Reddit threads, etc.) and uses a machine learning algorithm to discern the sentiment.

The latter metric, the “Social Volume,” simply measures the total number of unique social media text documents that are discussing the asset in question. This indicator helps us know whether the coin is being talked about a lot or not right now.

When the Sentiment Score is weighted by this Social Volume, the aforementioned Weighted Sentiment is obtained. This means that this metric only shows spikes whenever the sentiment is leaning towards one side and the Social Volume is also high at the same time.

Now, here is a chart that shows the trend in the Chainlink Weighted Sentiment over the last few months:

Chainlink Weighted Sentiment

Looks like the value of the metric has been red in recent weeks | Source: Santiment on Twitter

As displayed in the above graph, the Chainlink Weighted Sentiment has been at relatively high negative values during the last few weeks. This means that a large amount of negative discussion is taking place around the asset currently.

Most of the market being bearish on LINK, however, may in fact be bullish for the price. The reason behind that is whenever the sentiment goes towards any extreme, the price becomes more probable to go against the view of the majority.

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A trading philosophy called contrarian investing follows this idea. Contrarian investors generally buy when the market is fearful, while they sell when the holders get greedy.

This can also be seen at work in the chart. In February, the Weighted Sentiment hit pretty high positive values, suggesting that holders became highly optimistic about the coin. With this euphoria, however, the price actually topped out and has since declined.

Back in December, the indicator had similarly negative values as now. The cryptocurrency hit a low with this sentiment and rebounded with some sharp bullish momentum.

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Naturally, this trend doesn’t necessarily have to repeat this time as well. However, given the pessimism in the market, perhaps a contrarian investor would tend to believe a bullish jump may take place in the near future.

LINK Price

At the time of writing, Chainlink is trading around $7.386, up 7% in the last week.

Chainlink Price Chart

LINK seems to have been moving sideways recently | Source: LINKUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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