Chainlink price has consistently been negative as seen in the past couple of 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%
Looks can deceive and Chainlink (LINK) is a proof of that as it outskirts other altcoins that have comparably higher market cap. Chainlink is performing at its peak as seen in the past seven days, registering heightened gains of 13% with no reds evident on the charts.
Today, the market was looking bullish but hints a negative momentum prompting LINK to nosedive. The price has crashed from $7.5 to now at $6.64. According to CoinMarketCap, LINK price is down by 8.63% or trading at $6.64 as of press time.
Chainlink Simmers Down In Terms Of Market Volatility
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.
More so, the spike also coincided with the pump in volume which demonstrates a stable price increase. A tweet by Whalestats hails LINK as one of the popular cryptocurrencies that the top 500 ETH whales currently have in their holdings.
Source: TradingView
On a four-hour chart, LINK price is seen to simmer down in terms of market volatility or going extremes. LINK/USD price is hovering under the Moving Average price which indicates that the bears are monopolizing the market. However, there could still be a chance for bulls to get their way in.
CMF and RSI for Chainlink is at 53 indicating that the market is in a fail-safe or neutral phase. RSI is further showing a downswing. Evidently, the Bollinger Bands showed that following the high volatility phase, LINK’s price should go on a downtrend. This dismisses opportunities of an uptrend over the short term.
LINK Bears Monopolizing The Market
Investors have so much confidence in Chainlink and are expecting for LINK price to soar in the coming 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, there was also a spike in total transaction volume and number of active wallet addresses as seen in the past 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.
LINK total market cap at $3.15 billion on the daily chart | Source: TradingView.com Featured image from Coinpedia, chart from TradingView.com