Despite developments, why is Chainlink’s [LINK] unable to break out of bearish shackles - Aliens: AI Crypto News & Markets Updates
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Despite developments, why is Chainlink’s [LINK] unable to break out of bearish shackles

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AMB Crypto

Mon, May 23, 2022

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Aliens TLDR

Recording a 5% spike in price in the last 24 hours, the network’s native token, LINK appeared to have made some progress.

But whilst these integrations were implemented over the course of the last 7 days, how did this token react?

Up 6% in the last 24 hours, the LINK token appeared to have suffered decline in the last 7 days.

As these integrations were implemented over the course of the last 7 days, the price of the LINK token took on a downtrend.

From the $3.66 billion marked as market cap on 16 May, this stood at $3.45b at press time despite the many integrations implemented for the Chainlink Network Although it suffered a price decrease in the last 7 days, the same period appeared to have been marked by a bullish divergence for the LINK token.

Similarly, in an upward curve towards the 50% neutral region in the last 7 days, the Relative Strength Index (RSI) for the Link token indicated a steady increase in buying pressure.

On-chain analysis revealed that the LINK did not only record lows on a price front, certain on-chain metrics used to track growth also reported declines in the past 7 days.

Also, the last 7 days were marked with a gradual decline in the transaction volume for the LINK token.

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