TRON in a healthy uptrend despite fear in the market, should traders look to buy
This Chiliz update could give CHZ bulls a much-needed push for…
Ripple [XRP]: Traders could profit from short-selling at $0.332, but…
Should LINK investors brace for a price pump in the final weeks of 2022
FTX: Sam Bankman-Fried’s extradition to the United States begins
Assessing Bitcoin retail investors’ predicament amid the ongoing bear season
Bitcoin: Decoding if BTC’s position offers a buying opportunity for traders
Why BTC holders shouldn’t worry despite LTHs exiting their positions
BTC can remain sturdy in the final days of 2022 despite this let down from miners
Assessing the state of Bitcoin’s [BTC] demand in the derivatives market
ETH painted a glum picture on the charts despite the anticipation of this huge…
Here’s why ETH co-founder Vitalik Buterin has high hopes from crypto in 2023
Is Ethereum ready for a pivot as this ETH front sees renewed interest
ETH could see a small bounce from $1180, but can traders expect an uptrend
Ethereum bulls awaken from years of slumber; can ETH avoid a bearish pivot
Published
on
By
On 15 December, leading oracle network Chainlink [LINK] announced its partnership with Coinbase Cloud to bring its NFT Floor Price Feeds to Ethereum mainnet.
Similar to its Data Feeds, Chainlink NFT Floor Price Feeds provides users with an estimate of the floor prices of NFT collections deemed risk-averse.
Read Chainlink’s [LINK] Price Prediction 2023-24
Identifying the lack of access to quality NFT price data as a clog in the wheel of development of the NFT ecosystem, the partnership would “provide Web3 developers with a secure, reliable, and accurate floor price feed for leading NFT collections, unlocking the ability for NFTs to become seamlessly integrated within DeFi protocols.”
The deployment of Chainlink NFT Floor Price Feeds came after the launch of the first version of Chainlink Staking on the Ethereum mainnet and the launch of Chainlink Automation on leading layer 2 scaling network Arbitrum.
Recent partnerships, integrations, and deployments in the past few weeks have failed to culminate in the growth in the value of Chainlink’s native token LINK.
An assessment of LINK on a daily chart revealed that the alt commenced a new bear cycle on 8 November, two days after the launch of Chainlink Staking. The MACD line since intersected with the trend line in a downtrend to post red histogram bars.
Exchanging hands at $6.24 at press time, LINK’s price has since declined by almost 10%, data from CoinMarketCap revealed.
Likewise, LINK has seen a sharp rally in coin distribution since 8 November. Before the bear cycle commenced, the Relative Strength Index (RSI) and Money Flow Index (MFI) sat above their 50-neutral lines. However, with a drop in LINK accumulation in the past few days, they have since plummeted.
Indicating that LINK was oversold at press time, the MFI was 26.08. Not any better, the RSI was positioned in a downtrend at 37.83
Further, LINK’s Chaikin Money Flow (CMF) headed to a spot below the center line. While still positive at press time, a further decline in LINK accumulation would send the CMF indicator returning negative values.
Lastly, with waning buying pressure, sellers had control of the LINK market at press time. The position of its Directional Movement Index (DMI) confirmed this. The sellers’ strength (red) at 25.70 was pegged above the buyers’ (green) at 16.67.
Source: TradingView
Solana showing signs of life even as TVL and SOL’s price decline massively
Why Stellar [XLM] chose USDC to power its new aid initiative?
Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Should LINK investors brace for a price pump in the final weeks of 2022
Chainlink [LINK] poised for a relief rally, buyers can look to book profits at…
Why LINK investors could see some tough days despite much to rejoice about
Chainlink (LINK) Price Prediction 2025-2030: Will LINK cross $100 before 2025?
Should Chainlink [LINK] holders expect a trend reversal with the new updates?
What are the odds of Chainlink [LINK] crossing its near-term high this week?
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
