StarkWare has partnered with Chainlink for the integration of Chainlink Price Feeds onto the Starknet testnet. LINK has commenced a new bear cycle. On 6 February, StarkWare, a technology firm specializing in the creation of scalable solutions for blockchain and decentralized applications, announced a collaboration with Chainlink Labs. The partnership will see the integration of […]
At press time, LINK exchanged hands at $6.94, per data from. In the last week, the alt traded within a tight range as its price oscillated between $6.5 and $7.5.
Having rallied by 25% on a year-to-date basis, price movements on the daily chart revealed that LINK buying momentum has waned significantly since February began. In fact, the new month ushered in the commencement of a new bear cycle as the alt’s moving average convergence/divergence line intersected with the trend line in a downtrend and has been so positioned since 1 February. Since then, LINK’s price has dropped by 7%.As of this writing, LINK’s Chaikin Money Flow rested slightly above the center line at 0.03. In a downtrend, the LINK market saw less demand that could help drive up its price.
Lastly, a look at the Aroon indicator confirmed the weak nature of the bullish trend in the LINK market. At press time, the Aroon Up Line was positioned in a downtrend at 7.14%. If the Aroon Up line is near 100, it suggests that the uptrend is robust and the most recent peak was achieved recently. On the other hand, if the Aroon Up line is close to 0, the uptrend is weak, and the most recent high was attained a long time ago. This is often a precursor to a price drop, so caution is advised.Subscribe to get it daily in your inbox.
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