{"id":194239,"date":"2023-09-27T19:39:27","date_gmt":"2023-09-27T19:39:27","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194239"},"modified":"2023-09-27T19:39:27","modified_gmt":"2023-09-27T19:39:27","slug":"chainlink-link-brushes-off-market-downtrend-scores-11","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/chainlink-link-brushes-off-market-downtrend-scores-11\/","title":{"rendered":"Chainlink (LINK) Brushes Off Market Downtrend, Scores 11%"},"content":{"rendered":"

Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto closed bullish at $7.4 yesterday, September 26, with over 7% increase.\u00a0<\/span><\/p>\n

LINK remains bullish, with an 11% seven-day price increase and over 2% gain in the last 24 hours. But while the token\u2019s price continues to increase, data shows the trading volume has declined 17% in the last 24 hours. What could be the reason behind this contradiction?<\/span><\/p>\n

Chainlink Price Continues To Surge<\/span><\/h2>\n

In an X post on September 24, Chainlink network announced it had <\/span>recorded multiple integrations<\/span> across six blockchains. These include Arbitrum, Ethereum, Optimism, Avalanche, Polygon, and BNB Chain.<\/span><\/p>\n

Also, yesterday, September 26, gaming platform BetSwirl <\/span>announced<\/span> that it integrated Chainlink’s CCIP across Ethereum, Polygon, Avalanche, and Arbitrum. <\/span>According to the post, this <\/span>CCIP integration will help \u201cBetSwirl enable seamless, secure, and reliable cross-chain token transfers\u201d<\/span><\/p>\n

Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst<\/p>\n

This increased adoption across multiple chains expanded Chainlink’s user base, a plausible factor behind LINK’s resilience amid the prevailing bearish market.<\/span><\/p>\n

Although LINK briefly slipped off the $7.5 level to $7.3 yesterday, it has since recovered momentum. Given the ongoing movement, the crypto asset could break the $7.8 resistance and record higher highs soon.<\/span><\/p>\n

Meanwhile, Chainlink (LINK) is number 3 among the top weekly gainers after CRV and PEPE. It has also secured a position on the top daily gainers\u2019 chart.<\/span><\/p>\n

Although the price strides are bullish, the trading volume, down 17%, raises concern about whether LINK can sustain the rally. It indicates reduced trading activity, a possible sign that buyers have reached saturation and paused to weigh their next move.\u00a0<\/span><\/p>\n

This setup bodes badly for LINK as it could signal the entrance of sellers, which will exert downward pressure on the token\u2019s price.<\/span><\/p>\n

<\/p>\n

Price Surge Drops Chainlink (LINK) Supply On Crypto Exchanges<\/span><\/h2>\n

According to Santiment’s <\/span>report<\/span> on September 24, Chainlink remains one of the best-performing cryptocurrencies in September. It outlined that, unlike most assets, LINK\u2019s price often records an initial boost when holders move their tokens from exchanges.<\/span><\/p>\n

Santiment noted that the asset’s price increased 23% in two weeks as the exchange supply flowed back to cold wallets. Also, the analytics platform reported that LINK exchange supply increased by 17.2%, reaching a 2023 high on September 14.<\/span><\/p>\n

However, on September 24, 10 days later, the token’s exchange supply dropped to 16.4%. This observation is a plausible reason behind Chainlink\u2019s declining trading volume.\u00a0<\/span><\/p>\n

Meanwhile, as of the time of writing, LINK trades at $7.64, with a 2.88% price increase in the last 24 hours. The token trades above the simple moving averages of $6.494 and $6.719 and two key support levels.\u00a0<\/span><\/p>\n

LINK is approaching the overbought area, forming a bullish candlestick as buyers vie to conquer the $7.823 resistance.<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto…<\/p>\n","protected":false},"author":4,"featured_media":194238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChainlink (LINK) Brushes Off Market Downtrend, Scores 11% - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/chainlink-link-brushes-off-market-downtrend-scores-11\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink (LINK) Brushes Off Market Downtrend, Scores 11% - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Chainlink has remained bullish despite the bearish pressure in the broader crypto market. 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