Chainlink’s (LINK) Price Dropped From $9 To $6

In the past few months, Chainlink’s pricing has performed well as its underlying token’s value soared from $6 to $9, giving its holders a 40% return. The saying, “Buy the rumor, sell the news,” has never been more true.

The majority of short-term traders sold all of their holdings in LINK in the two weeks following the local high, in anticipation of the deployment of Chainlink staking. However, there are other factors at play in the unexpected decline in LINK’s value.

The term “trading volume” refers to more than just the number of market participants and open orders. Volume profiles show the market’s depth, liquidity, and occasionally volatility.

Additionally, there are specific volume patterns that continue across specific price performance periods. In the instance of Link, the discrepancy between the price’s upward trend and the volume at the time indicated that the rally had been steadily losing steam and that a reversal was imminent.

Problems with staking

Some people became discouraged after learning about new timeframes prior to the first version of testing being released in beta mode. Previously, it was anticipated that staking would reach version 1.0 12–24 months after 2022.

The announcement suggests that the main version of staking might not take place in the previously stated timeline, which raises concerns about the ability or incapacity of developers to produce the much anticipated goods that would significantly improve Chainlink’s core value.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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