As you can see, Chainlink prices have been consistently negative over the last few hours.
- Chainlink outskirting other cryptocurrencies with higher market cap
- The crypto is registering weekly gains of 13%; with no red zones
- LINK price down by 9.25%
Chainlink (LINK), which has an inflated market cap, can look like a fool. Chainlink’s performance is at its best, with 13% more gains than the previous seven days and no reds.
Although the market appeared bullish, there was a hint of a downtrend prompting LINK. From $7.5, the price is now $6.64. CoinMarketCap reports that LINK’s price has fallen 8.63%, or is trading at $6.64 in press time.
Market Volatility and Chainlink’s downfall are the results of Chainlink
The past week, Chainlink’s has had over 11 integrations with Polygon, BNB, Phantom, Solana, and Ethereum which is a positive sign that developers are working hard to ramp up the network.
Even more, this spike was also accompanied by a volume pump which shows a stable price growth. Whalestats tweets LINK to highlight one of 500 ETH whales who currently hold LINK.
On a 4-hour chart, LINK’s price can be seen slowing down or not going to extremes in market volatility. The LINK/USD market price hovers below the Moving Average, which means that bears have monopolized the market. There is still a possibility for the bulls to gain entry.
CMF for Chainlink stands at 53. This indicates that the market has entered a neutral or fail-safe phase. Further, RSI shows a downward trend. Evidently, the Bollinger Bands showed that following the high volatility phase, LINK’s price should go on a downtrend. This eliminates any chance of a short-term uptrend.
Monopolizing the Market by LINK Bears
Chainlink investors have high confidence and expect LINK to rise in the next few days. LINK’s price spike is validated by a couple of on-chain metrics.
Chainlink’s exchange reserves have been down by 2% in the past week which is indicative of a lowered selling pressure hinting a bullish movement.
Notably, the total volume of transactions and active wallet addresses saw a significant increase in the last 24 hours.
On the other hand, judging by the decline in LINK’s exchange outflow amid the price surge implies the emergence of a bear market.
Source: TradingView.com| Source: TradingView.com Featured Image from Coinpedia. Chart from TradingView.com