Ethereum

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 <p>A crypto analyst thinks indications of a bearish signal are being displayed by one Ethereum (ETH)-based altcoin.</p>
 <p>Ali Martinez tells his 30,800 followers on the social media platform X that the native asset of the decentralized oracle network Chainlink (LINK) could be primed for a brief correction.</p>
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 <p>Citing data from crypto analytics firm Santiment, Martinez points out that the last two times LINK’s 30-day market value to realized value (MVRV) passed 19%, the asset endured steep corrections. LINK’s MVRV recently hit 20%.</p>
 <p>MVRV is the ratio of an asset’s current market cap divided by its realized capitalization – i.e. the value of all measured LINK at the price they were bought. MVRV 30-Day is a timebound metric that only analyzes that ratio among tokens that have moved at least once in the past 30 days. Traders use the metric to detect overbought or oversold conditions.</p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F7aBTMSWEAA7myl?format=jpg&amp;name=4096x4096" alt="Image" width="2878" height="1366">
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   Source: ali_charts/X
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 <p>Martinez, however, believes that LINK will still hit higher highs after a brief correction. The 19th-ranked crypto asset by market cap&nbsp;is trading at $7.40 at time of writing.</p>
 <p>The analyst also looks at Bitcoin (BTC), examining the top crypto asset’s Relative Strength Index (RSI), a widely used momentum indicator that aims to determine if an asset is overbought or oversold.</p>
 <p>Says Martinez,</p>
 <p><em>“Notice that each time the RSI on BTC 4-hour chart hits or surpasses 74.21, BTC tends to retrace. The RSI on the 4-hour chart recently hit 82.83!”</em></p>
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F7dDQNsXcAAuzGl?format=png&amp;name=4096x4096" alt="Image" width="2834" height="1516">
  <figcaption class="wp-caption-text">
   Source: ali_charts/X
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 <p>The RSI indicator scales from 0 to 100. A reading of below 30 is typically considered bullish while a reading of over 70 is typically considered to be a bearish sign.</p>
 <p>BTC is trading at $27,362 at time of writing.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-analyst-says-one-ethereum-based-altcoin-flashing-a-bearish-signal-updates-outlook-on-bitcoin-tbt65109.html">https://thebittimes.com/crypto-analyst-says-one-ethereum-based-altcoin-flashing-a-bearish-signal-updates-outlook-on-bitcoin-tbt65109.html</a></p>

Crypto Analyst Says One Ethereum-Based Altcoin Flashing a Bearish Signal, Updates Outlook on Bitcoin

TheBitTimes

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