Chainlink [LINK] beats its contemporaries, thanks to dApp activity

  • Chainlink scored the highest for attracting developers to build on the network in the last 6 months.
  • LINK may continue its free fall regardless of increased staking activity.

Distributed Oracle Network chain link [LINK] It topped the list of applications for developing decentralized applications (dApps) in the last 180 days. token terminal Disclosed.

According to information from the platform, LINK has 61.4 active developers based on dApp development, surpassing Osmosis and others. [OSMO] When Uniswap [UNI].

Source: Token Terminal

read chain link [LINK] price prediction 2023-24

As evidenced by many examples, Chainlink definitely deserved a feat. partnership Consolidation within the period. While this can be seen as an impressive performance largely due to the bear market, it failed to reflect the price of LINK.

according to coin market capitalization, LINK’s 90-day performance dropped by 28.08%. Moreover, LINK failed to change the trend as the price dropped his 4.32%.

How long does it take for bears to lose their strength?

Signs drawn from the 4-hour chart indicated that LINK had lost control to the bears. LINK was slumping in oversold territory as revealed by the Relative Strength Index (RSI). It fell at 20.99, which means the change in velocity and price movement did not pass the bottom swing test. However, increased buying momentum could prove sufficient to trigger a reversal.

Volatility has shown LINK to unpredictable extremes. This is because the Bollinger Bands (BB) left low volatility territory on her Dec 27th. Additionally, LINK price trended towards the lower bands at press time.

Regarding the Moving Average Convergence Divergence (MACD), LINK has approached a potential entry point rather than a bullish move for the upside. This is because sell (orange) and buy (blue) remain below the histogram. This shows bearish momentum while avoiding a clear buy trigger. Meanwhile, LlNK may continue to slow down.

Chainlink price action

Source: Trading View

Please continue to supply

Based on on-chain data, Chainlink has curbed the impact of smart contracts. Glassnode data is available on LINK Supply in smart contract It has recovered from the decline in June 2022. At the time of this writing, supply was at 57.04% for him. This means that users preferred to let LINK participate in staking activities rather than waiting for the right buying opportunity.

Chainlink smart contract supply

Source: Glassnode

Besides, it didn’t happen much with LINK per. exchange activitiesAt press time Glassnode revealed that both the exchange’s inflows and outflows are at low levels.

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