Price Action
In the week prior, the price for Chainlink went down by -7.18%. It is below its 20 day moving average by 14.53%, so it’s a bit of a ways off. Chainlink’s bullish momentum, if assessed by its distance from its 20 day moving average, is pretty far negative compared to the other coins we’re covering, and thus may be due for a correction upwards or some kind of a period of low volatility. Regarding volatility, Chainlink is more volatile than roughly 60% of coins in our index, so traders can expect a bit more volatility than usual. Looking ahead, if the upcoming week mirrors the volatility of three past three weeks, the price range for Chainlink in US dollars is expected to be between $2.075463 and $3.821637.
Where to trade Chainlink (symbol: LINK): Gate, Yobit, Binance, DDEX
Volume Update
Over the past week, Chainlink saw its daily volume range between 689,842.6 and 21,661,529 units of its own currency. Looking back over past 21 days, the trend in volume,like the trend in price, is choppy and does not reveal a clear direction. The past 7 days saw Chainlink’s trading turnover — meaning the percentage of its available supply that was traded — come in at 2.95%. This turnover rate is higher than approximately 69% of the cryptocurrencies we monitor, which means it’s above average and thus will have enough liquidity for many investors/traders.
Engagement Update
Chainlink saw the number of wallets holding its coin go from 49,189 to 51,099 over the past week — a change of 3.88%. And in regards to cumulative transactions logged on the blockchain, they went from 398,823 to 427,508, which amounts to a change of 7.19%. This translates to a combined engagement growth rate of 11.07% for Chainlink — which is higher than 95.02% of the cryptocurrencies we’re reporting on. One interpretation of this may be that the coin may be on track to getting and sustaining actual usage.
Technology Development Status
Chainlink currently has 30 public repos on GitHub, with the oldest one clocking in at 2.85 years young. Its most recent public update was within the past day, which is pretty good, as it suggests the coin is still under active and rapid technical development. Chainlink’s public repositories collectively have a total of 797 watchers, which is pretty good, relatively speaking; specifically, that’s more than 65 % of the top 100 coins we’re looking at. The coin has 24 issues reported across its public repositories. Relative to the number of watchers it has, though, its open issues count doesn’t seem like something to worry about. To put the situation in context, Chainlink has a better issue/watcher ratio on its GitHub than 82% of similar coins we’re tracking.
Chainlink News and Commentary
Over the past week, we found 3 links about Chainlink that we found especially interesting. If available, we added an excerpt from the article to help give a taste of what it is about.
Chainlink Price Analysis and Project Review – Freewallet
Moving on from the Link Marines – Matt Batsinelas
May 2019 Market commentary – Sam Ikkurty
Where to Buy
You can trade Chainlink, listed under the symbol LINK, through the following exchanges: Gate, Yobit, Binance, DDEX.
Article by SixJupiter
