Price Action
In the week prior, the price for ChainLink went up by 9.82%. It is above its 20 day moving average by 29.55%, 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. Now when considering volatility, ChainLink is more prone to sizable price moves than 95% of coins in our index, so bear that in mind if you decide to trade it. If volatility over the past three weeks is any indication of what’s to come, we can expect ChainLink to bounce between 0.4541541 and $1.444756 US dollars per coin.
Where to trade Chainlink (symbol: LINK): Gate, Yobit, Binance, DDEX
Volume Update
In the week prior, the daily volume for Chainlink has ranged between 1,592,813 and 8,998,926 currency units. Over the past three weeks, volume has trended downwards, but price has gone in the opposite direction — up. Over the past week, Chainlink saw its trading turnover — which we define as average daily trading volume divided by circulating supply — register at 1.11%. Its turnover rate is more than approximately 36.36% of the cryptocurrencies in our index, so it’s below average, and so there may be some risk that traders/investors have difficulty in getting in and out of positions.
Engagement Update
ChainLink saw the number of wallets holding its coin go from 28,729 to 29,785 over the past week — a change of 3.68%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 208,631 to 220,458, which translates to growth of 5.67% for the week. ChainLink’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 9.35% which puts it ahead of 91.67% of the coins in our index. This growth rate suggests the coin may be on track to getting and sustaining actual usage.
Technology Development Status
Chainlink currently has 30 public repositories on GitHub, with the oldest one now 2.69 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 repos now have 652 which is about average compared to other similar coins; that’s more than approximately 56 % of coins in its index. The coin has 18 outstanding issues in the backlog awaiting to be addressed by the core development team. Its number of watchers, when viewed against 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 85% of similar coins we’re tracking.
Chainlink News and Commentary
We found 2 links over the past week about Chainlink that we thought were especially worth sharing. If possible we included a brief excerpt from the article — be sure to click through for the entire piece.
XYO and Chainlink Collaborate to Seamlessly Improve Interconnectivity Between Data S
Idiot proof guide to blockchain, Ethereum, Bitcoin and C
Excerpt:
With the launch of Chainlink network an abundance of data which used to be inaccessible will be able to flood into blockchains through external adapters.Chainlink’s purpose is to serve as the internet connection for blockchain, which will finally enable blockchain to reach its full potential.
Where to Buy
You can trade Chainlink, listed under the symbol LINK, through the following exchanges: Gate, Yobit, Binance, DDEX.
Article by SixJupiter
