- Chainlink has had the highest level of attraction for developers to build on its network over the past six months.
- LINK may continue its free fall, regardless of its increasing stake activity.
Decentralized Oracle Network link chain [LINK] It topped the list of apps in developing decentralized applications (dApps) in the last 180 days, data from token terminal open.
According to information from the platform, active LINK developers based on dApp 61.4 development, beating out the likes of Osmosis [OSMO] And the Uniswap [UNI].
Read chain links [LINK] predict the price 2023-24
Chainlink undoubtedly deserved this achievement, as evidenced by many partnership And the integrations that occurred during the mentioned period. While this could be seen as an impressive performance, mainly due to the bear market, it failed to reflect on LINK’s price.
to me CoinMarketCap, LINK’s 90-day performance decreased by 28.08%. Moreover, LINK was unable to reverse the trend as the price fell by 4.32%.
How long before the Bears leave power?
Indicators derived from the 4-hour chart showed that LINK lost control of the bears. As revealed by the Relative Strength Index (RSI), LINK has been fading in the oversold territory. As it fell to 20.99, it was suggested that the velocity changes and price action failed the test of the lower swing. However, the increased buying momentum may be enough to trigger a reversal.
Judging by its volatility, LINK has shown severe signs of unpredictability. This was due to the Bollinger Bands breaking out of the low volatility territory on December 27th. Moreso, LINK price, at the time of publication, was trending towards the lower bands. This has been going on since the above date, confirming the oversold condition revealed by the RSI.
Regarding the Moving Average Convergence Divergence (MACD), LINK has been approaching potential entry points rather than a bullish move for gains. This was because selling (orange) and buying (blue) stayed below the histogram. This indicates bearish momentum while avoiding obvious buying triggers. Meanwhile, LlNK may continue to slow down.
However, he continued to keep the show going
Based on on-chain data, Chainlink has been keeping the impact of its smart contracts in check. Glassnode data showed that LINK Delivery in smart contracts It recovered from the fall in June 2022. At the time of writing, the supply is 57.04%. This means that users preferred to involve LINK in staking activities rather than waiting for a suitable buying opportunity.
Also, not much happened with LINK PER exchange activities. At the time of publication, Glassnode revealed that stock market inflows and outflows were at low levels.