- Chainlink token has witnessed massive long liquidation over the last 24 hours.
- LINK token has a total value locked of nil.
Chainlink is a decentralized oracle network facilitating secure data connection to Ethereum smart contracts through oracles. Its native token, LINK, incentivizes reliable data provision and node operators.
Chainlink, founded by Sergey Nazarov and Steve Ellis in 2017, broadens blockchain applications by ensuring accurate, real-world data for various decentralized use cases.
The current price of the Chainlink token is $13.28, which has declined 1.8% in the last 24 hours. Moreover, the staked value of the token is $576.04 Million, which is 7.39% of the crypto market.
The current liquidity of the token is $83.64 Million, and the annualized fees for the same are worth $1.99 Million, followed by an annualized revenue of $1.32 Million. Also, the total raised amount for the crypto is $32.0 Million.
As per CoinCodex, the sentiment for the Chainlink token is bearish in the market, and the fear and greed index also indicates greed, which is currently at 57. Also, the crypto price is highly volatile (10.36%).
Chainlink is the 16th largest cryptocurrency globally, with a market cap of $7.72 Billion. This further results in a market cap dominance of 0.34%.
The value of the traded volume for Chainlink has increased 8.7% in the last 24 hours. This results in a traded value of $393.442 Million, resulting in a volume/market cap ratio of 5.06%.
Chainlink has a similar total and maximum supply, resulting in a 1.0B LINK. Also, the circulating supply of the crypto is 587.099 million LINKs, which is 58.71% of the maximum supply and further results in a fully diluted market cap of $13.115 Billion.
Chainlink Crypto Technical Analysis
The derivatives trading volume for the crypto has advanced by 11.8% in the last 24 hours, while the open interest of the crypto has witnessed a decline of 0.38%. Moreover, the value of the crypto-traded volume is $419.99 Million.
The long liquidation recorded for the crypto is $427.11K in the last 24 hours, resulting in a short liquidation of $80.13K. Also, the long/short ratio of the crypto is 0.9759, and as per the chart, the crypto has consistently witnessed higher long liquidations over the last few weeks.
Chainlink Price Volatility Vs. Weighted Sentiment
Chainlink crypto has very low price volatility, and the weighted sentiment of the crypto is also shallow. The following data from santiment.io shows people need more interest in LINK crypto.
LINK Crypto Technical Analysis
The LINK crypto price was trading in a symmetric triangle pattern and further broke down below the same. The breakdown led to a substantial fall in the crypto price, which directly declined to the lower level of $12.00.
The price is currently trading at a strong support zone, and if it further forms a bullish pattern, the price might reverse and move ahead with a change in its trend. Despite this, the current price scenario represents a weakness in the crypto price.
LINK/USD Chart by TradingView.com
The EMAs on the daily chart of the LINK crypto are trading in a golden cross while the crypto price has declined below the 50-day and the 200-day EMAs. The crypto price is currently trading 15% below the 200-day EMA.
The following behavior of the price and the EMAs indicates weakness in the trading price of the crypto.
The MACD indicator weakens the LINK crypto trend as the MACD and the signal line are trading in a bearish cross. The metrics have declined below zero and are trading with negative values. RSI has also declined to the level of 26.41, which is an oversold zone. The RSI value has broken below the 14-day SMA, currently trading at 34.79.
Summary
Chainlink token, crucially supported at $13.28, faced significant long liquidation. It is a decentralized oracle network for Ethereum smart contracts with zero total value locked. Currently, LINK demonstrates low price volatility and sentiment, indicating diminished interest of investors. Technical indicators further indicate weakness on the price chart.
Technical Levels:
- Support Levels: $7.20 and $10.50
- Resistance Levels: $18.7 and $22.90
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.