On Monday, Chainlink (LINK/USD) fell from $15.58 to $13.31 and continued that fall today. A few false starts throughout the day gave way to a rising action to break through the $14 level.
That hasn’t stuck, however, as Chainlink is back down below the line and struggling with this resistance. The cryptocurrency has been on a gradual downward trend all week long, but not one that’s as sharp as most of its competition.
While much of the cryptocurrency market has trended downward for weeks, Chainlink is showing its strength with more promising movement than much of the market. It stayed above the $30 resistance level until the beginning of June and kept above the $20 resistance level for most of last month.
Now, Chainlink is hovering around the $15 level, dropping only as low as $13.51 so far this week. If the last few weeks are any indication, it will continue to drop for a while longer, but investors are hoping for a turnaround very soon.
Over the last 24 hours, Chainlink’s price has dropped 5.10%. In the same period, the cryptocurrency has proven its relevancy with an increase of 15.70% in trade volume. That’s healthy activity for one of the leading cryptocurrencies and shows that there’s still demand not just for this digital asset for the wider market.
A Wider View of Chainlink
Chainlink is ranked #15 right now across the market, and this block chain works using smart contracts on a decentralized Oracle network. This blockchain offers a lot more data feeds than your typical blockchain, factoring in economic events, payment methods, and more. This allows it to provide its users with important and relevant investment information, making Chainlink a more attractive alternative to some of the more mainstream cryptocurrencies.
Chainlink is still considered a good investment by many analysts, who expected to have a bright future. Even though the last few months haven’t been very promising for the crypto, this kind of changing trend is not unusual for cryptocurrencies in the overall volatile digital asset market. Chainlink is expected to improve in the coming months and to continue to prove itself as a good long term investment.
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