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3 key Chainlink price metrics signal LINK is gathering strength

Published 03/18/2021, 12:57 PM
Updated 03/18/2021, 02:40 PM
3 key Chainlink price metrics signal LINK is gathering strength

Chainlink (LINK) has had a pretty rough month, dropping as much as 45% after marking a $37 all-time high on Feb. 20. While the recent losses may look surprising when compared against other altcoins' gains, LINK still managed to rally 640% over the past nine months.

Therefore, there should be no reason to interpret the failure to sustain above $32 as a trend reversal. On-chain indicators like daily active addresses and transactions, along with the open interest on futures contracts, continue to display strength.

Chainlink price at Binance, USDT. Source: TradingView
Chainlink daily adjusted transfer sum 7-day average. Source: CoinMetrics
Chainlink daily active addresses 7-day average. Source: CoinMetrics
Chainlink futures open interest. Source: Coinalyze.net

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