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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Chainlink

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With a price increase of 8% over the last seven days, Chainlink (LINK) is currently one of the best performers on the crypto market, behind Litecoin (LTC) and BNB. Remarkably, the trading volume of LINK has dropped 20% in the last 24 hours to just $389 million.

Chainlink was trading at $6.66 at press time, showing a restrained bounce from the bottom of a channel that LINK has been in since early May. The lower bound of the channel is at $5.35, while key resistance for the LINK price is currently at $9.52.

At the current price, LINK is hovering just below the 50-, 100-, and 200-day simple moving averages (SMAs). With an RSI of 49.5 in the 1-day chart, LINK is in neutral territory.

LINK USD 2022-11-24
Chainlink (LINK) positioned in a channel, 1-day-chart. Source: TradingView

However, the bounce of the last three days should be taken with a grain of salt. On-chain data from Santiment shows that there has been a significant increase in exchange inflows following the recent price surge. Nearly 15 million LINK were transferred to known crypto exchange wallets in the last 24 hours.

Chainlink exchange inflows
Exchange inflows of Chainlink (LINK) spiked. Source: Twitter

In the 1-week chart LINK / BTC, the token is in a crucial moment: will LINK be able to break through the critical trendline resistance or will it be the fourth rejection in the last 13 months. As one analyst noted, this could be a “make it or break it” type moment for Chainlink.

Chainlink Bitcoin LINK/BTC
Chainlink/Bitcoin facing a “make it or break it” moment, 1-week-chart. Source: Twitter

Fundamental Remains Strong For Chainlink (LINK)

As Chainlink faces a pivotal moment, the fundamentals seem stronger than ever. In about two weeks, Chainlink will launch its staking feature. Starting December 06 at 12pm ET, LINK owners and node operators will be able to earn rewards to increase the security of decentralized oracle services.

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Chainlink Rally In Social Activity Hits ATH Of 44,173 – Will LINK Price Climb As Well?

2 years ago

As a result of the announcement, the project has seen a striking increase in social engagement. However, Chainlink Economics 2.0 will not only introduce staking, but also improve access to Chainlink services and technical performance.

1/ The capabilities of #Chainlink oracle networks continue to expand to support more advanced data and compute services.

At the same time, the cost of oracle services continues to decline as a result of several key initiatives and industry trends: pic.twitter.com/accD4jiWFf

— Chainlink (@chainlink) November 23, 2022

Moreover, Chainlink is expanding its platform to include even more services, such as DECO for private transactions, FSS for MEV mitigation, and CCIP for cross-chain communication.

Using the Cross-Chain Interoperability Protocol (CCIP), thousands of applications across the Web3 space are expected to interact with each other, sending and receiving tokens, instructions, messages and more.

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Just recently, crypto exchange Huobi announced that it is using Chainlink’s proof of reserve to help provide enhanced transparency around its wrapped HBTC token.

On November 18, the Binance chain team revealed that Chainlink’s oracles are essential for developers in the BNB chain ecosystem. Chainlink is the most widely used oracle solution on the BNB chain with more than 161 million data points delivered, over 230 dApp integrations, and more than $780 billion in value handled.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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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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