Chainlink investors looking beyond LINK’s price could find some respite here

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Chainlink clinched an all-time high in the count of its daily social contributors. Its price continues to decline, and its outlook in the short term remains bearish Recent data from cryptocurrency social analytics platform LunarCrush revealed that LINK, Chainlink’s native token, clinched an all-time high of 35,540 in its number of daily social contributors. Read […]

program formed part of its Chainlink Economics 2.0. Through this program, early-stage and established projects within Chainlink are provided with “enhanced access to Chainlink services and technical support in exchange for commitments of network fees and other incentives to Chainlink service providers, such as stakers.”Ranked as the #21 largest cryptocurrency with a market capitalization of $6.08 billion, LINK exchanged hands at $6.10 as of 19 November.

Furthermore, lending credence to this position was LINK’s Directional Movement Index . As of this writing, LINK’s sellers’ strength at 22.59 rested above the buyers’ at 12.48. The Average Directional Index showed that buyers might find it difficult to revoke the sellers’ strength in the short term.

Further, key indicators such as the Relative Strength Index and Money Flow Index were positioned in downtrends. Headed towards the oversold position at press time, LINK had seen significant distribution in the last week. At press time, the RSI was 40.82, while the MFI was 33.58. Also signifying the decline in LINK buying momentum was its Chaikin Money Flow . At the time of writing, the dynamic line of the CMF was positioned below the center line in a downtrend at -0.12.Interestingly, as the alt’s price fell, on-chain data revealed that its exchange reserve had declined since the beginning of the month. With 101.

 

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