Chain link is in the news today after recently announcing a few updates that could help LINK in this crypto market.
According to one of these advertisement, Chainlink has launched its new price feed that protects Web3 projects against data manipulation attacks and aberrant events like flash crashes. With the help of this technology, creators in the Web3 space can integrate the ZIL/USD price feed on the Optimism network to create secure DeFi markets around Zilliqatoken
However, that is not all because Chainlink also has updated his followers about his work on climate change. Chainlink has announced that it will work on global carbon credit standards, adding robust incentive models to their development while complementing effective climate initiatives.
Word in the street
All of these updates seem to have had a positive impact on Chainlink’s social media presence. In fact, Chainlink social mentions have increased by 15.98% while social media engagements have increased by 6.55% over the past week.
There have also been other bullish signs for LINK, with the altcoin’s volume increasing since early September. The volume has increased from 200 million to 503 million since September. Along with this, the MVRV has also steadily increased indicating an optimistic future for the crypto.
There was a rather small uptick on the developer activity front as well. Despite its horizontal line, more updates may be released in the future to help ramp up this time.
The big picture is…
However, the road to the top was not perfect for LINK.
The number of active addresses has been falling for 3 months. Its market capitalization dominance has also diminished, with market capitalization falling 4.58% since July. These two factors could be a major cause of concern for investors.
The value of LINK increased by 2.64% during the last 24-hour window. At press time, the price of the altcoin had breached the $7.38 support and was on track to test the $8.18 resistance.
With the RSI at 64.44, it looked like the momentum was on the buying side. However, the OBV has moved sideways – a sign that some uncertainty may be on the horizon going forward.