Chainlink (LINK made several announcements regarding the ZIL/USD price feed that will protect Web3 projects from data hacks and crashes, as well its efforts towards becoming green.
- Chainlink is bullish at first but soon veers to the bearish side.
- Chainlink works on technology initiatives to fight climate change
- The total volume of LINK rose from 200million to 516million in September
Chainlink is working with DlcimateDAO and Hyphen to develop climate-related initiatives.
The LINK Metrics Show Amplified Social Media Measurements
Chainlink’s social media metrics have been greatly impacted by all of these developments. As evidence of that, LINK’s social media engagements have spiked by 6.65%, and social mentions also skyrocketed by 16.23% as seen in the past week.
LINK has shown a notable bullish streak, with the total volume of its coins growing by 200 million to up to 516 millions as early as September. In addition, the altcoin’s MVRV has also been surging which gives a rather positive momentum for LINK.
Development activity has also shown a minimal uptrend with further updates contributing to LINK’s price increase in the coming days.
While it looks like things are going pretty well for Chainlink this month, it wasn’t an easy route for the altcoin.
As you can see, the number of active wallet addresses has dropped dramatically over the last three months.
Market capitalization dominance has plunged, with it falling to 4.64% in July.
Click Here to See Weakened Momentum
On a 24-hour timeframe, LINK’s price is seen to have increased by 2.72%. LINK is currently above the $7.46 support and hovering near the $8.25 key resistance.
Chainlink’s RSI is currently at 64.72 revealing an increase in selling activity or hinting at a downward movement. Its OBV, on the other hand is seen to be in an opposite direction.
Chainlink displayed a bearish attitude and negative momentum over the last few hours, with the price falling to $7.54. LINK’s value has improved a bit in the past few hours.
According to CoinMarketCapLINK is trading at $7.72, or down by 2.83%
Chainlink shows a trend of falling prices and is likely to plunge more. Market conditions are also looking negative, with bears trying hard to control the market.
Source: TradingView.com| Source: TradingView.com Featured Image from The Daily Hodl. Chart by TradingView.com