Price Action
In the week prior, the price for ChainLink went up by 39.92%. It is above its 20 day moving average by 37.03%, so it’s very far away. ChainLink’s bullish momentum, based on its distance from its 20 day moving average, is well above average relative to its peers, and thus may be a sign the market for the coin is overheating and due to correct downwards. Regarding volatility, ChainLink is more volatile than roughly 96% of coins in our index, so bear that in mind if you decide to trade it. 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 $0.6355464 and $1.835494.
Where to trade Chainlink (symbol: LINK): Gate, Yobit, Binance, DDEX
Volume Update
In the week prior, the daily volume for Chainlink has ranged between 4,908,603 and 216,951,364 currency units. Looking back over past 21 days, the trend in volume is not clear, though price is marching upwards. Over the past week, Chainlink saw its trading turnover — which we define as average daily trading volume divided by circulating supply — register at 19.81%. Its turnover rate is more than approximately 85.71% of the cryptocurrencies in our index, so it’s far above average and thus a good coin for those interested in active trading or being able to get out of the market if they need to.
Engagement Update
The number of wallets holding ChainLink went from 30,978 to 32,526 in the past week, marking a change of 5.00%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 244,799 to 264,109, which translates to growth of 7.89% for the week. ChainLink’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 12.89% which puts it ahead of 88.24% of the coins in our index. One interpretation of this may be that the coin may be on track to getting and sustaining actual usage.
Technology Development Status
At the moment, Chainlink has 30 repositories open to the public on GitHub, with the oldest one now being 2.75 years young. The last recorded update to its public repositories 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 692 watchers, which is pretty good, relatively speaking; specifically, that’s more than 69 % of the top 100 coins we’re looking at. The coin has 28 issues reported across its public repositories. Relative to the number of watchers it has, though, its open issues count seems to be in good shape. To elaborate: the ratio of open issues to developers who are watching Chainlink’s GitHub repos is more favorable than 71% of similar coins in our index.
Chainlink News and Commentary
We found one link over the past week about Chainlink that we thought was especially worth sharing. Where available, we included a snippet of the article that we thought might be interesting.
Staking with Chainlink – LinkPool
Where to Buy
You can trade Chainlink, listed under the symbol LINK, through the following exchanges: Gate, Yobit, Binance, DDEX.
Article by SixJupiter
