Chainlink: Despite good news all around, why is LINK having such a tough time

From a developmental viewpoint, this previous week was an amazing week for the Chainlink Blockchain.

On 7 June, the Network printed a roadmap and preliminary implementation of staking inside the Chainlink community which “is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”

Furthermore, through the course of the previous week, the Network recorded 20 integrations of Chainlink companies comparable to Chainlink External Adapter, Chainlink Price Feeds, and Chainlink VRF throughout 5 totally different chains.

As the remainder of the cryptocurrency market struggles to keep at bay the bears, did Chainlink’s Native token, LINK, capitalize on these community developments to register some development? Let’s have a look.

It’s a worth decline…

Starting the week at an index worth of $8.0, the LINK token registered an intra week development of over 10% the place it recorded a excessive of $9.45. However, a worth correction occurred which led the bears to pressure a downward run. At press time, the LINK token exchanged palms at $5.84, registering a 27% over the course of seven days. 

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As a pure consequence of a drop in worth, the market capitalization additionally registered a decline. Marking a excessive of $4.40 billion through the week, the market capitalization additionally witnessed a 26% drop inside the previous seven days.

As worth went up on 9 June, the Relative Strength Index (RSI) rallied up and touched the 61 spot. However, the bears compelled a correction that led this indicator on a downward development since then. At press time, the RSI for the LINK token was stationed at 36.42, inching nearer to the oversold area. 

The Money Flow Index (MFI) additionally noticed a excessive of 75 on 9 June. Standing at 57 on the time of writing, buyers had been noticed taking income thus, forcing the MFI on a downward curve.

LINKUSD 2022 06 13 08 19 47

Source: TradingView

Up and down goes the…

On-chain evaluation revealed that the LINK token swung excessive and low at totally different factors throughout totally different metrics over the course of the final seven days. The variety of energetic addresses that transacted the LINK token noticed a drop on 10 June. By 11 June, this metric proceeded to register a 9% development. At press time, this was pegged at 2,410, a 22% uptick from the 1,876 it lodged seven days in the past.

ChainLink LINK 08.32.38 13 Jun 2022

Source: Santiment

Furthermore, the token recorded noticed spikes in whale transactions depend on 8 June and 9 June. For transactions over $100k, the depend went up by 29% on 8 June. This, nevertheless, proceeded on a gentle decline to register a forty five% drop by press time. Similarly, for transactions above $1 million, a 22% uptick was recorded on 9 June. By press time, this determine was down by 80%.

ChainLink LINK 08.39.19 13 Jun 2022

Source: Unsplash

Over the course of this previous week, the bulls and bears appeared to have trailed each other intently as bullish and bearish sentiment registered 80% and 84% spikes respectively.

Screenshot 2022 06 13 at 08.41.33

Source: LunarCrush

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