{"id":567532,"date":"2021-06-25T11:23:56","date_gmt":"2021-06-25T08:23:56","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=567532"},"modified":"2021-06-25T11:23:56","modified_gmt":"2021-06-25T08:23:56","slug":"chainlinks-network-growth-at-its-lowest-since-october-2020-report","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/chainlinks-network-growth-at-its-lowest-since-october-2020-report\/","title":{"rendered":"Chainlink’s Network Growth at its Lowest Since October 2020 – Report"},"content":{"rendered":"
Activity on the Chainlink (LINK)<\/a> network is slowing down. This is according to a report<\/a> by the team at Santiment who pointed out that Chainlink’s network growth was at its lowest since October 2020. Furthermore, fewer and fewer LINK addresses were interacting with the Chainlink network<\/a> as highlighted in the following chart.<\/p>\n <\/a><\/p>\n Unlike in October 2020 when the drop in network growth formed a bullish divergence with the price of Chainlink, the ongoing decline in activity could be bearish given that the price of LINK is also dropping<\/a>. To further elaborate this point, the team at Santiment compared LINK’s active addresses in the last three months and found a significant drop as explained below.<\/p>\n LINK has dropped significantly in terms of average active addresses compared to spring. Just around 5K addresses daily are active on the network nowadays. From 13K in April.<\/p><\/blockquote>\n The bearishness surrounding Chainlink has also led to an increased transfer of LINK into exchanges for possible selling as highlighted in the chart below.<\/p>\n <\/a><\/p>\n In terms of price action, Chainlink (LINK)<\/a> is currently trading below the crucial 200-day moving average and 50-week moving average as demonstrated in the chart below.<\/p>\nA Drop in Network Growth is Bearish for Chainlink<\/h2>\n
Exchange Inflows of Chainlink Spiked in the Last Week<\/h2>\n
Chainlink’s Daily Chart Remains Bearish<\/h2>\n