Chainlink investors looking beyond the LINK price can find some comfort here

  • Chainlink has reached an all-time high in the number of files Daily social contributors.
  • Its price continues to decline, and the near-term outlook remains bearish

The latest data from the cryptocurrency social analytics platform the moonh revealed that LINK, the native token of Chainlink, has reached an all-time high of 35,540 daily social contributors.

Read Chainlink [LINK] Price forecast 2023-2024

Gathering in social activism came after the pioneering Oracle network more dangerous The first 10 participants in the first edition of the Chainlink BUILD program.

The Chainlink BUILD program was first announced in September and was part of Chainlink Economics 2.0. Through this program, early and established Chainlink projects are given “enhanced access to Chainlink services and technical support in exchange for network fee obligations and other incentives to Chainlink service providers, such as stakeholders.”

LINK on the daily chart

LINK ranks as the 21st largest cryptocurrency with a market capitalization of $6.08 billion, and was trading at $6.10 on November 19. Additionally, according to data from CoinMarketCap, the asset’s price fell by 2% between November 18th and 19th. During the same period, the trading volume also decreased by 27%. On November 20, LINK was at $6.21 and was trading up 1.7% in the last 24 hours.

On the daily chart on November 19, LINK sellers have outperformed the buyers in the market. At the time of writing, the 20 Exponential Moving Average (EMA) is positioned below the 50 EMA line (yellow).

This position is also given credence by LINK’s Directional Movement Index (DMI). At the time of writing, the strength of LINK sellers (red) at 22.59 is above buyers (green) at 12.48.

The Average Directional Index (ADX) showed that buyers may find it difficult to reverse the short-term strength of sellers.

Moreover, major indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) have been placed in bearish trends. Heading into an oversold mode at the time of publication, LINK has seen heavy distribution over the past week. At the time of publication, the RSI is at 40.82, while the MFI is at 33.58.

Chaikin Money Flow (CMF) was a sign of waning LINK buying momentum. At the time of writing, the dynamic (green) line of CMF is positioned below the central line of a downtrend at -0.12.

Source: TradingView

Here comes the rest period

Interestingly, as the price of the alternative declined, the on-chain data showed that the currency reserves have declined since the beginning of the month. With 101.99 million LINK tokens on exchanges on November 19, data from CryptoQuant shows that its exchange reserves have fallen by 13% over the past 19 days.

Source: CryptoQuant

Moreover, over-the-counter supply rose 1.2% at the same time, data from Santiment showed.

Source: feeling

This indicates that while the price of LINK may be declining, there were fewer sellers than buyers in the market.

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