Chainlink’s price rebounded earlier Wednesday after falling 9.89% in its previous trading session. At the time of writing, the LINK price was up 4.05% to $ 26.775. Its total market capitalization has fallen more than 6.80% and currently stands at $ 12 billion. It ranks at 15e the largest digital currency between Binance USD and Litecoin.
Unlike most cryptocurrencies that have rallied, Chainlink appears to have been left behind. Chainlink price has only gained 0.50% in the past seven days and has fallen over 7% in the past 24 hours.
The fall in the price of LINK could be the result of the drop in its trading volume. The total volume of LINK exchanged over the past 24 hours slipped 4.95% to $ 1.55 billion. It is also almost 190% below its highest traded volume this year of $ 5.43 billion in May. A drop in its trading volume is a clear indication that the majority of the major coin holders have exited their trades.
While the bitcoin price spike over the weekend boosted most altcoins, the decentralized Oracle network has remained unchanged. The coin has jumped over 100% in the past four weeks. However, it is trading 51.45% below its May high.
Analysts appear pessimistic about Chainlink’s price as investors join the trade in top performing coins such as Cardano, Binance Coin and Terra.
LINK Price analysis
The daily chart indicates that the price of Chainlink has been under pressure for the past few days. The double-top configuration formed between June and August may have triggered a slowdown in its rally.
LINK hit an intraday high at $ 26.879 before falling. It is trading slightly below 200 DMA and above 50 DMA. It is also hovering above the 50-day exponential moving average.
Therefore, the LINK price is expected to experience a slight pullback before rebounding from the August high of $ 30.617, almost 16% above its current price. On the other hand, movement below 50 DMA will invalidate this view.