Chainlink (LINK) crypto is primarily a set of decentralised oracle networks that allows blockchains to interact with external data feeds seamlessly and securely. Even though it doesn’t have a blockchain of its own, it connects with multiple blockchains simultaneously. Backed by a large open-source community, it enhances participation for all node operators and users alike. Furthermore, the oracles are incentivised to provide accurate data, ensuring more participation.
Chainlink crypto on 6 September 2022 was up by 2.14 at 9:00 AM (GMT +1), according to CoinMarketCap.
Why is Chainlink crypto rising?
Chainlink protocol has been in the thick of things, announcing various development from its end. Besides, it has enjoyed a few good weeks, witnessing a rally of 4.3% over the past two weeks. Even in the last week, the token was up 9.2% and was one of the few tokens witnessing green amid the bearish market.
But today’s rally seems to be on the back of its announcement of Chainlink’s node software upgradation. The software update is expected to improve the performance and reliability of the protocol. The upgrade went live on the protocol on 5 September and is expected to add flexibility to the protocol.
The news seems to have lifted the market spirits, pushing the RSI to 52.43 at the time of writing, indicating an interest in the token during the intraday trading.
Image credit: Trading View
The MACD, on the other hand, was a slightly close affair. The MACD started its uphill climb on Sunday, and as of Tuesday, it has created a marginal gap between itself and the signal line.
Chainlink’s price performance
Chainlink crypto today was trading at US$7.34 with a trading volume of US$36,08,48,126 over a day, according to CoinMarketCap. The 23rd ranked token on Tuesday enjoyed a live market cap of US $3,60,59,42,760 with 49,15,99,970 LINK coins in circulation. Apart from the price rally, the token has also witnessed a healthy volume gain of over 7%.
While the rally has been consistent over the past two weeks, Chainlink investors would do well to tread carefully. With the crypto markets considered volatile and risky, the market participants must ensure that they do proper market research before making important investment decisions.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
This news is republished from another source. You can check the original article here
Be the first to comment