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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 (LINK) Performs Poorly Amidst Market Uncertainty

Kent Tenix
Kent Tenix
1 year ago
3 mins read
chainlink

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Chainlink (LINK), the leading oracle network, normally performs on the day following the market downturn. LINK has experienced a 1.58% increase in the last 24 hours, trading at $6.22.  Overall, LINK has recorded over 12% loss in the weekly chart. The token had surged higher in the day, reaching a local high of $6.38 before retracting. 

The value of Chainlink (LINK) rose earlier today as the market reacted favorably to a combination of events. Brainard’s doveish statements on Monday, a dropping dollar, Zelensky’s peace negotiations commencing, and Biden-Xi meeting not escalating tensions. Choose whichever explanation or combination of reasons you choose for the abrupt risk-on shift in markets. Either way, it’s excellent news for LINK price action.

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Chainlink Offers Its Proof-of-Reserve Product As FTX Crash Rocks The Crypto Market

Chainlink Labs’ proof-of-reserve product was offered on Nov. 10 to help solve future trust problems in the crypto exchange market. Chainlink Labs posed the question in a series of tweets: “Will crypto continue to repeat the mistakes of the traditional black-box financial industry? Or will a better system emerge?” In response, it offered its proof-of-reserve (PoR) solution. Chainlink stated it could validate centralized exchange asset reserves, off-chain bank account balances, cross-chain collateral, real-world asset reserves, and more.

Recently, the crypto market has been in freefall due to a liquidity problem at the second-largest crypto exchange, FTX. In response to these persistent challenges, the crypto community has been discussing solutions. One possibility is for users to need Proof-of-Reserve from every exchange they use.

Using a proof of reserve, customers may conduct an instantaneous audit of cryptocurrency exchanges’ reserves. Several exchanges have begun to adopt proof of reserve, and Binance CEO Changpeng Zhao has suggested that all exchanges should implement it soon. However, several marketplaces have claimed that developing a proof-of-reserves system will take weeks, if not longer. Chainlink Labs rebutted by saying their offering is an “out-of-the-box” answer that exchanges can start using right now.

LINKUSD
Chainlink’s price is currently trading at $6.32. | Source: LINKUSD price chart from TradingView.com

What The Charts Say About Chainlink

Since May, LINK has fluctuated in price between $9.45 and $5.62 (yellow), with a mid-price of $7.54. The range’s midpoint has provided strong support and resistance within this time. Bearish momentum was indicated by a Relative Strength Index (RSI) reading below 50 and a Chaikin Money Flow (CMF) reading below -0.05. Both indicators point to considerable outflows of money from the market.

Related Reading: KuCoin Token (KCS) Loses 12% Amidst Top Coins Bleeding

The fall of LINK from $9 to a swing low of $5.7 in November also severely impacted OBV. Yet, the OBV has shown a trend of higher lows since July. This was evidence that some LINK tokens had been accumulated over time.

The $6.3 support level has held firm over the previous six months. In recent months, the $6.3 and $5.9 price points were clearly visible as support levels in the lower time frames. Chainlink has yet to drop below the range of lows despite the severe market volatility of the previous week. As of writing, Chainlink still trades at the $6.3 level, a 1.36% decrease intraday.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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

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

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