- Chainlink has 60% of its total supply in circulation in the market at the time of writing.
- LINK crypto displayed a surge in its trading volume intraday.
Chainlink is a decentralized oracle network that connects smart contracts to real-world data, ensuring secure and reliable decentralized applications (DApps) on Ethereum.
LINK, its native token, is used to pay for Oracle services and reward node operators. Co-founded by Sergey Nazarov and Steve Ellis in 2017, Chainlink enhances smart contract functionality.
![LINK](https://chezmanu-lausanne.com/wp-content/uploads/2024/07/LINK-Crypto-In-A-Small-Range-What-Lies-Ahead-Breakout.png)
Chainlink is the 15th largest cryptocurrency in the global crypto market and has a market cap value of $8.751 Billion. Additionally, the market cap of the crypto rose by 5.2% over the last 24 hours at press time.
The all-time high price of LINK was achieved in May 2021 and the current market price of the crypto is down by 72% from its ATH. Additionally, the all-time low for the crypto was achieved seven years ago.
Additionally, the fear and greed index for the crypto is neutral and the sentiment of the Chainlink is also neutral. The supply inflation of the crypto is high at 9.11% which is certainly high.
Chainlink Crypto Derivatives Analysis
A 20% surge in the derivatives trading volume of the crypto was recorded in the last 24 hours.
![LINK](https://chezmanu-lausanne.com/wp-content/uploads/2024/07/1719853346_319_LINK-Crypto-In-A-Small-Range-What-Lies-Ahead-Breakout.png)
The open interest chart of Chainlink by Coinglass shows no significant spike in the open interest of the crypto. There hasn’t been any significant position on the derivatives.
The recorded long liquidation for the crypto in the last 24 hours stood at $24.05K while the short liquidation for the crypto stood at $179.54K.
LINK Crypto Technical Analysis
LINK has been facing resistance from the higher levels for a long time which resulted in the formation of a dynamic trendline.
![LINK](https://chezmanu-lausanne.com/wp-content/uploads/2024/07/1719853346_396_LINK-Crypto-In-A-Small-Range-What-Lies-Ahead-Breakout.png)
The crypto is trading inside a small zone and was consolidating inside the same for a shorter period of time.
If LINK breaks the $15.0 resistance, it might head for the next resistance trendline.
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LINK/USD Chart by TradingView
The price of LINK fell below the 50-day and the 200-day EMAs. Additionally, the EMAs are trading in a death cross indicating a downtrend in the crypto price.
The MACD and the signal line are trading in the negative territory while the metrics have formed a golden cross. The histograms have also advanced and are bullish on the chart.
The RSI further has advanced from the lower levels and has broken above the 14-day SMA. It is at a level of 47.6 at press time and might shoot to higher levels if breaks above the 50-level and sustains above the same.
Summary
Chainlink is the 15th largest cryptocurrency with a market cap of $8.751 Billion. Down 72% from its all-time high at press time, LINK is consolidating in a small range.
If it breaks above $15.0, higher targets could be reached. Indicators showed mixed signals, leaving future price movements uncertain. The support levels for the LINK crypto are $12.0 and $13.5 followed by the resistance from $20.0 and $22.80.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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