SNEAK PEEK
- LINK’s GitHub surge signals increased developer engagement and tech potential.
- Whales accumulating LINK demonstrate renewed faith in its long-term potential.
- Despite bearish pressure, LINK’s active trading keeps optimism alive.
Chainlink’s github development activity significantly surged this summer, and the asset is currently in the top 5 most often developed assets. Additionally, since December 2022, whales and sharks with 100K–10M $LINK now own the most coins. This increase in GitHub activity demonstrates that the developer community is increasingly involved in creating Chainlink’s technologies.
??? #Chainlink‘s #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. ?https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
The fact that whales and sharks have accumulated many coins indicates a rekindled belief in the LINK asset’s long-term potential. However, despite bulls’ efforts to control the LINK market at a peak of $7.19 in the last 24 hours, bears took over, pushing prices to an intraday low of $7.08.
During this writing, persistent bearish pressure led LINK’s price to drop by 0.22% to $7.16.
Amid a recession, LINK’s market capitalization dropped by 0.21% to $3,853,242,459, while the 24-hour trading volume grew by 3.55% to $133,153,160. This movement suggests that, despite potential investor hesitation, LINK’s trading activity remains relatively strong.
The LINK market’s Commodity Channel Index (CCI) is negative on the 4-hour price chart, reading -9.52. This movement suggests that the market is under intense selling pressure and that a price reversal will probably occur soon. Although LINK is currently in a dip, a price increase might occur soon.
The Chande Momentum Oscillator (ChandeMO) is oversold with a reading of -17.22 on the 4-hour price chart for LINK. This action demonstrates that the LINK market, which is currently in a bearish trend, is firmly in the hands of sellers. Traders should exercise caution when thinking about taking long positions because there is a strong likelihood that prices will decline.
The Kelter Channels (KC) on the LINK market have upper and lower bounds of 7.3640893 and 7.0018769, respectively. The market is clearly in decline based on this movement. There may be opportunities for profit-taking or short-selling if the price movement crosses the bottom line, which could imply that the negative trend will persist.
The Elder Force Index (EFI) is negative with a value of -271k on the 4-hour price chart for the LINK market, indicating increased selling pressure, which might portend a continued bearish trend. Although the price of LINK has decreased, a sizable price increase might be forthcoming.
In conclusion, Chainlink’s active development and growing whale support fuel optimism while bears exert pressure. LINK’s potential remains promising amid market fluctuations.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
