- Chainlink crypto has outperformed 59% of the top 100 crypto assets in the last 1 year.
- LINK crypto has high liquidity based on its market cap.
Chainlink is a decentralized oracle network enabling secure data connections to Ethereum smart contracts via oracles. Its native cryptocurrency, LINK, facilitates payments, incentivizes data provision, and rewards node operators. Founded in 2017 by Sergey Nazarov and Steve Ellis, Chainlink aims to enhance smart contract reliability and functionality by integrating real-world data.
The total value locked for the Chainlink crypto is null while the staked amount for the crypto is worth $827.56M which is 7.39% of the market cap. Also, the token liquidity is worth $83.64M and the annualized fees for the crypto is $2.1M.
The market cap of Chainlink token has declined by 4.17% in the last 24 hours and its current market cap value is $11.067B. Also, the annualized revenue of the crypto is $450.4K and the total raised amount by the crypto is $32.0M.
The trading volume for the Chainlink for the crypto has witnessed a decline of 27.2% and the value of the traded volume for the crypto is $351.548M. Also, LINK is the 15th largest crypto in the global cryptocurrency.
The volume/market cap ratio of the crypto is 3.36% which shows that the liquidity of the crypto is medium. The sentiment of the crypto is neutral and the fear and greed index of the crypto is indicating extreme greed.
The market cap dominance of the token is 0.42% and the crypto was released on September 21, 2017.3
Chainlink Token Supply Overview
The maximum total supply of the crypto is 1.0B LINK followed by same amount of total supply. This further results in a circulating supply of 587.099M LINK which is 58.71%.
The fully diluted market cap of the Chainlink token is $18.833B and the circulating supply market cap of the crypto is $11.063B.
Chainlink Crypto Derivatives Analysis
The Chainlink token has witnessed higher long liquidation in the last 24 hours resulting in $386.25K which indicates dominance of sellers over the last 24 hours.
This further results in a long/short ratio of 0.9109 and the derivatives volume has further declined by 31.4%. This results in a derivatives traded volume of $424.64M and the open interest has also witnessed a decline of 4.1%.
Social Dominance Vs Social Volume Vs Total Amount Of Holders
The holders for the Chainlink crypto are consistently advancing over time while the social dominance and the social volume for the crypto are static. Despite this, Chainlink has a good social presence compared to other cryptocurrencies.
LINK Crypto Technical Analysis
After consolidating inside a tight range for more than 500 days, the price of the LINK token broke out above the range and the price of the crypto since then advanced by 115%. The price of the crypto further is sustaining at higher levels and building up support at the same.
If the price of the crypto further breaks above the previous swing high of $23.00, a further surge in the crypto price might be seen.
LINK/USD Chart by TradingView.com
The price of the LINK crypto is taking support at the 50-day EMA and the 50-day and the 200-day EMA together are trading in a golden cross. This indicates bullishness in the price of the crypto.
The signal line has crossed above the MACD line while both of the metrics are trading below the zero level. For further advance in the price of the crypto, the following metrics must break above the zero level followed by the formation of bullish histograms.
The RSI has declined below the 50-level indicating lack of bullish momentum in the price of the crypto. Despite this, the RSI is following a bullish cycle.
Summary
Chainlink a decentralized oracle network, facilitates Ethereum smart contract connections, enabling secure data transmission. With a current market cap of $11.067B, it’s the 15th largest crypto. Despite recent volatility, LINK’s price broke out of a long consolidation, indicating potential for further upward movement, supported by bullish technical indicators.
Technical Levels:
- Support levels: $5.200 and $9.500
- Resistance levels: $28.70 and $33.90
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.