- Chainlink crypto price is up by 99% in the last 1 year.
- LINK crypto has traded in green for 17 days in the last 30 days.
Chainlink is a decentralized oracle network facilitating real-world data connections to Ethereum smart contracts via its native token LINK.
Co-founded by Sergey Nazarov and Steve Ellis in 2017, it incentivizes reliable data provision and node operation. Chainlink enhances smart contract functionality across finance, supply chain, and decentralized applications.
No significant activity has been witnessed in the market cap of the Chainlink crypto in the last 24 hours from press time. The value of traded volume for the crypto has also declined by 15%.
The following data shows that there has been a decline in the trader’s interest in Chainlink crypto. Moreover, the value of the crypto traded volume in the last 24 hours is $221.369M.
Chainlink also has 587.099M LINK crypto circulating in the market, which is 58.7% of the total supply. Moreover, the maximum supply of the crypto is 1.0B LINK, and the fully diluted market cap is $14.298B.
The price of the LINK crypto has advanced by 11199% from its all-time low of $0.1263, which was hit 7 years ago. Also, the all-time high price achieved by LINK crypto is $52.88.
The sentiment of Chainlink is neutral as per Coincodex, and the fear and greed index is further at 69, showing greed among the investors.
The price volatility of the crypto is also high, resulting in 10.74%, while the price of the crypto currently is slowly advancing to higher levels from the last few days.
Chainlink crypto also has a very good market presence, which results in a market cap dominance of 0.35%. Also, the supply inflation of the crypto is high, resulting in 13.54%.
Recent Liquidations Support Bulls, But What’s The Overall Picture?
The liquidation chart of the crypto shows higher long liquidations over a few weeks, but the last 24-hour data from the press time does not support the same.
A higher short liquidation of $106.88K is recorded against the long liquidation of $48.88K over the last 24 hours.
The derivatives volume of the crypto further has declined by 2.3%, resulting in a traded value of $223.64M. Following this, the open interest has also witnessed a decline of 0.13%.
Although the short liquidation is high, the decline in the volume does not support the bulls for a longer period.
Development Activity Vs Total Open Interest Of Chainlink
A huge surge in the development activity of the Chainlink crypto is recorded. This shows the possibility of future updates in the crypto blockchain.
Despite this surge, the open interest of the crypto has not witnessed any significant change in it.
What Does Technical Charts Have For LINK Crypto?
The price of the LINK crypto has declined by 35% from a swing high of $22.8876. Moreover, a lower low swing pattern can be seen on the crypto daily chart.
The following behavior of the price shows that crypto is currently in a downtrend at press time. The crypto price is also trying to sustain the lower levels by taking twice support at the same.
If the price breaks further above the level of $16.1, it will lead to a ‘W’ pattern breakout, which might lead the price to higher levels. Despite this, if the price fails to sustain the support level and breaks below the same, a strong decline in the price might be seen.
LINK/USD Chart by TradingView
The crypto price can be seen losing momentum from the higher levels, which further led to the formation of the bearish crossover of 20 and 2100-day EMA.
The LINK trading price is currently facing resistance at the 20-day EMA. If a bearish candlestick pattern further forms, the crypto price might decline.
The Bollinger band has jumped into the contraction phase, and if the price further breaks below the lower band of the Bollinger band, the price might continue to decline with strong momentum.
The MACD supports the bears as the MACD and the signal line have declined below the negative territory and are sustaining below the same.
The RSI also follows a bearish cycle and revolves around below the 50-level of the RSI.
Summary
Despite recent surges, Chainlink faces downward pressure, down 35% from its peak. Technical indicators suggest continued decline, including a bearish crossover of EMAs and declining MACD.
The price struggles at the 20-day EMA, with the potential for further losses if it breaks below Bollinger band’s lower limit amid decreasing trader interest and declining derivatives volume.
Technical Levels:
- Support levels: $7.250 and $10.500
- Resistance levels: $18.70 and $22.90
Disclaimer
This article is for informational purposes only and provides no 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.