Will LINK be kicked out of the top 20 after dropping out of the top 15?
As November is coming to an end and we are entering the last month of the fourth quarter, LINK is showing very interesting activity.
This altcoin is not exploding on the charts like many other cryptocurrencies. Instead, it reverts to old levels.
LINK back to the May levels
There is no doubt that Chainlink is a promising network. Although the network has grown a lot, its token has not performed well.
Despite a strong start to November, this only lasted for the first 10 days. Then the price hit the charts. At the time of writing, it is trading at $ 25.77, down 13% on the weekly chart.
The problem, however, is not that the price goes down, but rather that it does not go up for a very long time. This altcoin has yet to hit a new all-time high, although many believe the altcoin season is on the way.
Second, at the macro level, it is still in the $ 35-25 range and has just hit the support line.
Third, this altcoin price hovered no more than 0.39% over a 6 month period. Over the same period, altcoins like SOL and even SHIB have made incredible profits.
Price action of LINK | Source: TradingView
While it’s a highly interoperable and integrated chain, at the time of writing LINK has dropped from 15th to 18th place just because of underdevelopment. This has also resulted in investors losing money.
The speed is also continuously decreasing, as the average holding period of LINK is 2.7 years. Because of this, tokens aren’t traded often. In addition, this means that long-term owners hold 27% of the entire LINK offer.
Sales owner LINK | Source: Intotheblock
As investors hold, the number of active addresses keeps getting weaker. In addition, the ratio of active addresses to addresses with a balance has fallen to 0.64% since the price drop.
Active LINK Address Rate | Source: Intotheblock
In addition, the continuous sale of LTH since May has resulted in an increase in supply on the stock exchanges.
Provision of LINK on exchanges | Source: Santiment
All of these reasons make the network growth and market value of LINK very low. The value has fallen by 33% in the last 10 days and is back at the May level.
If you look at the Average Directional Index (ADX), it becomes clear that the upward trend has ended.
Until the LINK market resets, the price will likely stay near the $ 25 support line. If it continues to fall, this altcoin could soon fall out of the top 20.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Market
Will LINK be kicked out of the top 20 after dropping out of the top 15?
As November is coming to an end and we are entering the last month of the fourth quarter, LINK is showing very interesting activity.
This altcoin is not exploding on the charts like many other cryptocurrencies. Instead, it reverts to old levels.
LINK back to the May levels
There is no doubt that Chainlink is a promising network. Although the network has grown a lot, its token has not performed well.
Despite a strong start to November, this only lasted for the first 10 days. Then the price hit the charts. At the time of writing, it is trading at $ 25.77, down 13% on the weekly chart.
The problem, however, is not that the price goes down, but rather that it does not go up for a very long time. This altcoin has yet to hit a new all-time high, although many believe the altcoin season is on the way.
Second, at the macro level, it is still in the $ 35-25 range and has just hit the support line.
Third, this altcoin price hovered no more than 0.39% over a 6 month period. Over the same period, altcoins like SOL and even SHIB have made incredible profits.
Price action of LINK | Source: TradingView
While it’s a highly interoperable and integrated chain, at the time of writing LINK has dropped from 15th to 18th place just because of underdevelopment. This has also resulted in investors losing money.
The speed is also continuously decreasing, as the average holding period of LINK is 2.7 years. Because of this, tokens aren’t traded often. In addition, this means that long-term owners hold 27% of the entire LINK offer.
Sales owner LINK | Source: Intotheblock
As investors hold, the number of active addresses keeps getting weaker. In addition, the ratio of active addresses to addresses with a balance has fallen to 0.64% since the price drop.
Active LINK Address Rate | Source: Intotheblock
In addition, the continuous sale of LTH since May has resulted in an increase in supply on the stock exchanges.
Provision of LINK on exchanges | Source: Santiment
All of these reasons make the network growth and market value of LINK very low. The value has fallen by 33% in the last 10 days and is back at the May level.
If you look at the Average Directional Index (ADX), it becomes clear that the upward trend has ended.
Until the LINK market resets, the price will likely stay near the $ 25 support line. If it continues to fall, this altcoin could soon fall out of the top 20.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
News
