As seen in the last two hours, the price of Chainlink has been consistently negative.
- Chainlink is outselling other cryptocurrencies with higher market capitalization.
- The crypto is recording a weekly gain of 13%; Without red zones
- The price of the link is reduced by 9.25%
Looks can be deceiving and Chainlink (LINK) is proof of this as it stands out from other altcoins with relatively high market potential. Chainlink is at an all-time high of 13% in the last seven days and there is no red on the charts.
Today, the market looked bearish but suggests downside pressure pushing LINK into a nosedive. The price has fallen from $7.5 to now at $6.64. According to CoinMarketCap, the price of LINK has decreased by 8.63% or is trading at $6.64 as of press time.
Chainlink falls short in terms of market volatility
Last week, Chainlink had more than 11 integrations with Polygon, BNB, Phantom, Solana, and Ethereum, which is a positive sign that developers are working hard to scale up the network.
Moreover, the spike coincided with the volume of the pump, indicating a steady increase in price. A tweet by Whalestats hailed LINK as one of the most popular cryptocurrencies currently held by top 500 ETH whales.
Source: TradingView
On the four-hour chart, LINK price can be seen moving away from market volatility or extremes. LINK/USD price is hovering below the moving average, indicating that the bears are monopolizing the market. However, there may still be a chance for the bulls to enter.
CMF and RSI for Chainlink are at 53 indicating that the market is in unsafe or neutral level. RSI is showing further downtrend. Obviously, following the high volatility level of the Bollinger Bands, the LINK price should be declining. This eliminates the chances of improvement in the short term.
LINK monopolizes the market
Investors have high confidence in Chainlink and are expecting the price of LINK to rise in the coming days. LINK price increases are confirmed by on-chain pair measurements.
Chainlink’s currency stock fell 2% last week, indicating that lower selling pressure may indicate bullish activity.
In particular, there was an increase in the total transaction volume and the number of active wallet addresses as seen in the last 24 hours.
On the other hand, when we see a decline in LINK’s foreign exchange flows amid inflation, it indicates a bear market.
LINK total market cap at $3.15 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, chart from TradingView.com