Link investor

What chain link [LINK] investors should do right now

Between August 22 and 28, Chainlink, the widely used oracle network, noted 14 integrations of four of its services on two chains, its latest adoption update revealed.

According to the same, Chainlink Proof of Reserve, VRF, Price Feeds and Keepers have seen integrations on Ethereum and Polygon chains.

Showing a double-digit price decline since the start of this month, the oracle’s native token, LINK, has not been spared the series of downturns the cryptocurrency market has faced over the past few months. Last 28 days. According to data from CoinMarketCapLINK was trading at $6.30 at press time, down 23% so far this month.

No thanks to Jerome Powell falcon August 22 remarks, LINK has since lost 14% relative to the rest of the market.

The plot thickens

Currently trading at its May level, LINK was down 88% from its all-time high of $52.88. On a daily chart, the position of key indicators suggests that LINK investors have been holding back from deploying more liquidity into its ecosystem over the past few weeks.

Seventeen days ago, the relative strength index (RSI) of the token was positioned in the overbought territory since its value was at 71. As expected, a bearish correction initiated a change in direction of this indicator and the forced down.

Steadily declining since August 12, the RSI at the time of writing was pegged at 33, below the neutral 50 region. Buying had declined considerably since the middle of the month.

At the time of this writing, the CMF, in a downtrend, was showing a negative value of -0.27.

Moreover, a look at the movement of the MACD showed that a new bearish cycle had started after August 16th.

Source: Trading View

Sike! There is more

With crypto asset holders counting down the days until they make the next profit, in the past 30 days, many LINK investors have not seen any gains on their investments.

According to data from Saniment, the token’s 30-day MVRV posted a negative -13.46%. In fact, not much had changed in the past year, as the 365-day MVRV at the time of writing was -21.40%.

Source: Santiment

Moreover, after a month-long upward slope, the average coin age of the token dropped sharply between August 25 and 26. A continuous upward slope in the average age of an asset’s coins indicates network-wide accumulation.

Therefore, the drop in this metric between August 25 and 26 showed that investors reduced LINK’s accumulation momentum. At press time, this metric stood at 265.

Source: Santiment

Interestingly, despite the continued decline in prices and the current general market gloom, investors remained bullish (in the short term) as the weighted sentiment was at 1.023.

Source: Santiment