Data Indicates Major Red Flag As Chainlink Rises 8 percent In Last 7 Days

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With a price of 8 percent over the last 7 days, Chainlink (LINK) is at present one of the performers on the cryptocurrency market, behind Litecoin (LTC) and . Remarkably, the volume of trading of LINK has fallen 20 percent in the last 24 hours to just $389 million.

Chainlink was currently worth $6.66 at the time of publication, showing a restrained from the lowest of a channel that LINK has been in since early May. The lower bound of the channel is at $5.35, while key for the LINK price is at present at $9.52.

At the current price, LINK is hovering just below the 50-, 100-, and 200-day simple moving averages (SMAs). With an RSI of 49.5 in the 1-day chart, LINK is in neutral territory.

Link Usd 2022-11-24
Chainlink (Link) Positioned In A Channel, 1-Day-Chart. Source: Tradingview

Nonetheless, the bounce of the last 3 days should be taken with a grain of salt. On-chain data from Santiment shows that there has been a significant increase in exchange inflows following the recent price surge. Nearly 15 Million LINK were transferred to known cryptocurrency exchange wallets in the last 24 hours.

Chainlink Exchange Inflows
Exchange inflows of Chainlink (LINK) spiked. Source: Twitter

In the 1-week chart LINK / BTC, the crypto token is in a critical moment: will LINK be able to break through the critical trendline resistance or will it be the fourth rejection in the last 13 months. As one noted, this could be a “make it or break it” type moment for Chainlink.

Chainlink Bitcoin Link/Btc
Chainlink/  (BTC) facing a “make it or break it” moment, 1-week-chart. Source: Twitter

Fundamental Is still Strong For Chainlink (LINK)

As Chainlink faces a pivotal moment, the fundamentals seem than ever. In about two weeks, Chainlink will launch its staking feature. Starting December 06 at 12pm ET, LINK owners and node operators will be able to earn bonus to increase the of decentralized oracle services.

Because of  the notice, the project has seen a striking increase in social engagement. Nonetheless, Chainlink Economics 2.0 won’t be only introduce staking, but likewise make better access to Chainlink services and technical performance.

Furthermore, Chainlink is expanding its platform to include even more services, such as DECO for private transactions, FSS for mitigation, and CCIP for cross-chain communication.

Using the Cross-Chain Interoperability Protocol (CCIP), thousands of applications across the Web 3.0 are to interact with each other, sending and receiving crypto tokens, instructions, and more.

Only a few weeks ago, cryptocurrency exchange Huobi announced that it is using Chainlink’s proof of reserve to assist provide enhanced transparency around its wrapped HBTC token.

On November 18, the Binance Crypto exchange chain team revealed that Chainlink’s oracles are essential for developers in the BNB chain ecosystem. Chainlink is the most widely used oracle solution on the BNB chain with greater than 161 Million data points delivered, over 230 dApp integrations, and greater than $780 Billion in value handled.

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