Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days

Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days

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Data Signals Major Red Flag As Chainlink (LINK) Rises 8% Over Last 7 Days

NewsBTC8 days ago
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Published on November 24, 2022 13:29 GMT+00:00edited on November 25, 2022 11:04 GMT+00:00

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With a price increase of 8% over the last seven days, Chainlink (LINK) is currently one of the best performers on the crypto market, behind Litecoin (LTC) and BNB. Remarkably, the trading volume of LINK has dropped 20% in the last 24 hours to just $389 million.

Chainlink was trading at $6.66 at press time, showing a restrained bounce from the bottom of a channel that LINK has been in since early May. The lower bound of the channel is at $5.35, while key resistance for the LINK price is currently at $9.52.

At the current price, LINK is hovering just below the 50-, 100-, and 200-day simple moving averages (SMAs). With an RSI of 49.5 in the 1-day chart, LINK is in neutral territory.

LINK USD 2022-11-24

However, the bounce of the last three days should be taken with a grain of salt. On-chain data from Santiment …