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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink Traders Should Check These Factors Before Cutting Losses

Christian Encila
Christian Encila
2 years ago
2 mins read
Chainlink

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Chainlink price has consistently been negative as seen in the past couple of hours.

  •         Chainlink outskirting other cryptocurrencies with higher market cap
  •         The crypto is registering weekly gains of 13%; with no red zones
  •         LINK price down by 9.25%

Looks can deceive and Chainlink (LINK) is a proof of that as it outskirts other altcoins that have comparably higher market cap. Chainlink is performing at its peak as seen in the past seven days, registering heightened gains of 13% with no reds evident on the charts.

Today, the market was looking bullish but hints a negative momentum prompting LINK to nosedive. The price has crashed from $7.5 to now at $6.64. According to CoinMarketCap, LINK price is down by 8.63% or trading at $6.64 as of press time.

Chainlink Simmers Down In Terms Of Market Volatility

The past week, Chainlink’s has had over 11 integrations with Polygon, BNB, Phantom, Solana, and Ethereum which is a positive sign that developers are working hard to ramp up the network.

More so, the spike also coincided with the pump in volume which demonstrates a stable price increase. A tweet by Whalestats hails LINK as one of the popular cryptocurrencies that the top 500 ETH whales currently have in their holdings.

Source: TradingView

On a four-hour chart, LINK price is seen to simmer down in terms of market volatility or going extremes. LINK/USD price is hovering under the Moving Average price which indicates that the bears are monopolizing the market. However, there could still be a chance for bulls to get their way in.

CMF and RSI for Chainlink is at 53 indicating that the market is in a fail-safe or neutral phase. RSI is further showing a downswing. Evidently, the Bollinger Bands showed that following the high volatility phase, LINK’s price should go on a downtrend. This dismisses opportunities of an uptrend over the short term.

LINK Bears Monopolizing The Market

Investors have so much confidence in Chainlink and are expecting for LINK price to soar in the coming days. LINK’s price spike is validated by a couple of on-chain metrics.

Chainlink’s exchange reserves have been down by 2% in the past week which is indicative of a lowered selling pressure hinting a bullish movement.

Notably, there was also a spike in total transaction volume and number of active wallet addresses as seen in the past 24 hours.

On the other hand, judging by the decline in LINK’s exchange outflow amid the price surge implies the emergence of a bear market.

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LINK total market cap at $3.15 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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