Chainlink Integrates New Tech, And It’s Going Green – Healthy For LINK?
13 September 2022 - 08:34PM
NEWSBTC
Chainlink (LINK) made a couple of announcements in line with the
integration of ZIL/USD Price Feed that safeguards Web3 projects
from crashes and data hacks as well as its thrust towards going
green. Chainlink starts bullish but swerves towards the bearish
zone Chainlink working on tech initiatives to combat climate change
LINK total volume grows from 200 million to 516 million in
September Chainlink in collaboration with Coorest, DlcimateDAO, and
Hyphen is working on initiatives directed toward climate change.
Related Reading: Cardano On White House Crosshair Can Push ADA Up
This Route LINK Shows Amplified Social Media Metrics All of these
new developments have greatly amplified the social media metrics of
Chainlink. As evidence of that, LINK’s social media engagements
have spiked by 6.65%, and social mentions also skyrocketed by
16.23% as seen in the past week. LINK has been noticeably bullish
with its total volume growing from 200 million to as much as 516
million as observed early in September. In addition, the altcoin’s
MVRV has also been surging which gives a rather positive momentum
for LINK. Development activity has also shown a minimal uptrend
with further updates contributing to LINK’s price increase in the
coming days. While it looks like things are going pretty well for
Chainlink this month, it wasn’t an easy route for the altcoin.
Evidently, there has been a huge drop in the number of unique
active wallet addresses as seen in the past three months. Dominance
in terms of market capitalization has also plunged as it capsized
by 4.64% as seen in July. LINK Displaying Weakened Momentum On a
24-hour timeframe, LINK’s price is seen to have increased by 2.72%.
LINK has currently breached the support present at $7.46 and is
hovering towards the key resistance at $8.25. Chainlink’s RSI is
currently at 64.72 revealing an increase in selling activity or
hinting at a downward movement. On the other hand, its OBV is
observed to be treading a sideways motion. Chainlink was seen to be
bearish and displaying a negative momentum in the past couple of
hours; with the price crashing towards $7.54. LINK’s value has
improved a bit in the past few hours. According to CoinMarketCap,
LINK price is down by 2.83% or trading at $7.72 Chainlink reveals
to be following a downward movement and could even plunge further.
The overall market conditions also look negative with the bears
trying to dominate the market. Related Reading: XRP Bulls Charge
Hard To Pull Prices Up Past $0.34 After A Dismal August LINK total
market cap at $3.6 billion on the daily chart | Source:
TradingView.com Featured image from The Daily Hodl, Chart from
TradingView.com
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