Chainlink: Despite good news all around, why is LINK having such a tough time
From a developmental point of view, this past week was a great week for the Chainlink Blockchain.
On 7 June, the Network published a roadmap and initial implementation of staking within the Chainlink network which “is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens.”
Furthermore, during the course of the past week, the Network recorded 20 integrations of Chainlink services such as Chainlink External Adapter, Chainlink Price Feeds, and Chainlink VRF across five different chains.
As the rest of the cryptocurrency market struggles to ward off the bears, did Chainlink’s Native token, LINK, capitalize on these network developments to register some growth? Let’s take a look.
Starting the week at an index price of $8.0, the LINK token registered an intra week growth of over 10% where it recorded a high of $9.45. However, a price correction occurred which led the bears to force a downward run. At press time, the LINK token exchanged hands at $5.84, registering a 27% over the course of seven days.
Source: CoinMarketCap
As a natural consequence of a drop in price, the market capitalization also registered a decline. Marking a high of $4.40 billion during the week, the market capitalization also witnessed a 26% drop within the past seven days.
As price went up on 9 June, the Relative Strength Index (RSI) rallied up and touched the 61 spot. However, the bears forced a correction that led this indicator on a downward trend since then. At press time, the RSI for the LINK token was stationed at 36.42, inching closer to the oversold region.
The Money Flow Index (MFI) also saw a high of
Read more on ambcrypto.com
