May 7, 2020: Chainlink (LINK): Up 1.34%


How Did Chainlink’s Price Fare Yesterday?

Chainlink is up by approximately 1.34% from the previous day, with its price currently hovering around $3.636 USD. The up day for Chainlink yesterday was a reversal from the day before it, which puts its price at 1.58% below its 20 day moving average. Over the past two weeks, price has been in a unclear trend. To help contextualize yesterday’s price move, we can observe that price has rallied 6 of the past 10 days. As for the volume underlying yesterday’s move, note that the price change occurred on volume that was approximately 68.89% less than its 7 day average volume.

As for Chainlink’s expected trading range — as forecasted by the Bollinger bands indicator, which determines a range based on momentum and volatility over the past two weeks — is between $3.533504 and $3.855196. As we are closer to the bottom of that range, rangebound traders may wish to consider exploring buying opportunities.

The currency’s market cap currently stands at $1,270 million US dollars.

Daily Engagement Metrics Update

Yesterday saw 4,129 transfers amongst holders of Chainlink. In terms of estimating the number of holders, over the past day the total number of wallets holding Chainlink has gone up by approximately 689. To understand loyalty or repeat usage amongst holders of Chainlink, we can note that there were 1,715 wallets making a transaction yesterday, while 37,252 wallets have sent or received tokens in the past month; this imputes a daily active wallet to monthly active wallet ratio of about 0.05.

Observing Chainlink’s Richest Wallets

And in regards to wealth distribution, note that the top 1,000 Chainlink wallets hold over 260.74% of the token’s total money supply. Incidentally, this value exceeds 100% because many owners are not yet able to sell (due to contractual provisions), and our supply metric only observes liquid supply. If we focus on exchanges, which may be an correlated with liquidity and greater confidence in the currency, the exchange wallets that are in the top 1,000 wallets own 2.53% of the currency’s total money supply. In terms of growth rates, the share of total supply of the richest 1,000 wallets has grown by -0.13% over the past week. For the exchange wallets within the richest 1,000 wallets, their share has grown by -0.02%.

The Latest on Chainlink and Social Media

Facebook appears to be the most popular place to follow the company, and thus may be worth monitoring.

Article by SixJupiter

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