Price Action
In the week prior, the price for ChainLink went down by -19.2%. It is below its 20 day moving average by 9.04%, so it’s somewhat away. ChainLink’s bullish momentum, based on its distance from its 20 day moving average, is among the worst compared to other cryptocurrencies, and thus may indicate the coin has swung too far and too fast — and may thus be due for consolidation or a bullish correction. Now when considering volatility, ChainLink is more prone to sizable price moves than 82% 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 $0.7858572 and $1.381393.
Where to trade Chainlink (symbol: LINK): Gate, Yobit, Binance, DDEX
Volume Update
Over the past week, Chainlink saw its daily volume range between 2,590,028 and 46,632,645 units of its own currency. In the three weeks prior, the trend in volume,like the trend in price, is choppy and does not reveal a clear direction. Over the past week, Chainlink saw its trading turnover — which we define as average daily trading volume divided by circulating supply — register at 8.27%. This turnover rate is higher than approximately 74.74% of the cryptocurrencies we monitor, which means it’s above average and thus will have enough liquidity for many investors/traders.
Engagement Update
The number of wallets holding ChainLink went from 29,785 to 30,421 in the past week, marking a change of 2.14%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 220,458 to 231,828, which translates to growth of 5.16% for the week. ChainLink’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 7.30% which puts it ahead of 83.33% 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 2.71 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 662 watchers, which is pretty good, relatively speaking; specifically, that’s more than 63 % of the top 100 coins we’re looking at. The coin has 19 outstanding issues in the backlog awaiting to be addressed by the core development team. In comparison 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 79% of similar coins in our index.
Chainlink News and Commentary
The top 2 themes being discussed about Chainlink in the past week are listed below. Where available, we included a snippet of the article that we thought might be interesting.
The Staking Process – Secure Data Links
Shyft Will Integrate Attestations To Chainlink’s Oracle Network For Secure Data
Where to Buy
You can trade Chainlink, listed under the symbol LINK, through the following exchanges: Gate, Yobit, Binance, DDEX.
Article by SixJupiter
