Chainlink Decreases More Than 3% Within 24 hours
Portfolio Pulse from Benzinga Insights
Chainlink (CRYPTO: LINK) has seen a price decrease of 3.01% in the last 24 hours, now at $14.27, despite a 10% increase over the past week from $12.98. The trading volume fell by 14%, while the circulating supply rose by 0.23% to 587.10 million, 58.71% of its max supply. LINK's market cap ranks #18 at $8.36 billion.
May 07, 2024 | 7:00 pm
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NEGATIVE IMPACT
Chainlink (LINK) experienced a 3.01% decrease in the last 24 hours to $14.27, despite a recent uptrend, with a 10% increase over the past week. The trading volume has decreased by 14%, and the circulating supply has increased by 0.23%.
The short-term price decrease of Chainlink (LINK) despite its overall positive performance over the past week suggests a potential market correction or reaction to the increased circulating supply. The drop in trading volume could indicate less trading interest or consolidation. Given these factors, the short-term impact is likely negative, but the asset's strong market cap position suggests resilience.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100