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Chainlink (LINK)CryptocurrencyDeFiNewsPrice Analysis

Chainlink (LINK): What Investors Need to Consider Before Closing Trades

Chainlink (LINK) witnessed massive attention and hype over the past week, catalyzing an impressive bullish run. Unfortunately, FUD’s return within the marketplace hindered potential surges, welcoming another downside move for the alt.

LINK’s subsequent downside had the alternative token losing 18% from $8.12 last week’s peak to the low this week at $6.51. Chainlink recorded a 5.21% surge to press time value areas of $7.03, though the current level might have more than what’s visible. Chainlink’s price action is squeezing into a constricted support and resistance range.

Breaching the Wedge

Chainlink’s wedge setup could offer some indications of near-term expectations. The alt briefly overcame the resistance level before the retracement, confirming massive momentum. Also, the lower range showcased similar observations after LINK bears surrendered their push towards the support level.

Bullish price actions within the past day indicated a brief pivot in the Relative Strength Index. While such an observation reflects a bullish stance, it doesn’t necessarily guarantee such outcomes. Chainlink bears could still reclaim dominance to catalyze a structured break under the support.

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Perhaps the token’s on-chain data will offer increased clarity to LINK investors. Let us check some considerations that market players should check when interacting with Chainlink. The asset’s 90-day dormant circulation index witnessed its last massive surge around the mid-September sessions.

The same metric shows a relatively decreased activity since then. That shows most LINK coins privately didn’t move. Meanwhile, that signals long-term investors holding their LINK coins. The dormancy metric reading remains favorable for Chainlink bulls from a supply standpoint.

It shows the number of LINK coins on exchanges remained lower. Thus, a demand surge could catalyze a massive uptick. In the ‘supply’ context, leading wallets have accumulated over the past 30 days. The mentioned metric shows whales have scooped LINK.

Despite that, the asset’s price action attained a minor gain from its current yearly low. That could signal that most leading Chainlink holders trust the token hovers at the bottom of the ongoing bear market. LINK’s 24hr on-chain transfer metric remains among the few indexes revealing a relatively ugly picture.

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Decreased profitability from 24hr on-chain transfer could seem bearish. One could perceive it as a consequence of the bearish prices of an indication of FOMO that plagued the space within the past few days. Nevertheless, investors will likely duplicate when most market players explore the red. However, LINK has room for more upside potential. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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