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Chainlink price analysis: LINK rejected at $25 further downward movement expected

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  • Chainlink price is expected to fall to $24
  • The closest support level is at $24
  • Chainlink is facing resistance at the $25

Chainlink has finally gone past the $22 mark and steady bullish momentum has carried the price to challenge the $25 mark. Chainlink price records an over 11 percent price hike across the last seven days showing steady bullish momentum. However, the sharp bullish activity leaves room for a volatile price movement

The broader cryptocurrency market enjoys a bullish sentiment across the last 24 hours with most major cryptocurrencies recording profits across the time frame. Major players include Ripple‘s XRP, and Litecoin that record an 8.17 and a 5.19 percent increase respectively. Meanwhile Bitcoin and Ethereum record a 6.79 and an 11.32 percent hike.

Technical indicators for LINK/USDT

Chainlink price analysis: LINK rejected at $25 further downward movement expected 1
Technical indicators for LINK/USDT by Trading view

Across the technical indicators, the MACD shows a declining bullish momentum. While the histogram is still green at the time of writing, the histogram’s size has decreased significantly as the indicator is struggling to climb back above the 0.40 mark. While the 12-EMA still trades above the 26-EMA, the difference between the two is negligible and they may show a reversal at any time

The RSI is currently trading in the neutral zone a little above the 56.00 mark and does not issue a signal. The indicator has been trading in the neutral zone for the past 6 days. At press time the RSI has again had a small spike towards the oversold region suggesting an increasing bearish presence at the current price level and giving a clear indication to sell

The Bollinger bands are currently narrow and will converge further in the immediate future as the bears take charge of the market momentum. The bands’ convergence suggests a drop in volatility for the Chainlink price in the short term. However, as the price is consolidating above the bands’ mean line, the bands will be leaning upwards for the next few candlesticks

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Overall the 4-hour technical analysis issues a buy signal with 14 of the total 26 major technical indicators suggesting their support for a bullish movement. On the other hand, only two indicators issue sell signals suggesting a bearish retracement. Meanwhile, ten indicators sit on the fence issuing no support for either side of the market.

The 24-hour technical analysis shares this sentiment and also issues a buy signal with 13 of the 26 indicators suggesting a bullish movement against only three indicators suggest a bearish retracement. Meanwhile, ten indicators remain neutral and do not issue any signals at the time of writing

What to expect from Chainlink price?

Chainlink price analysis: LINK rejected at $25 further downward movement expected 2
4 hour price chart by Trading view

Chainlink price is currently facing resistance at the $25 mark but the market shows steady bullish sentiment ,moreover the short term technical indicators and the midterm technical describes a bullish trend hence traders should first expect Chainlink to go back to its support level of $24.However after that Traders should expect an upward breakthrough where the Chainlink price might be able to challenge the $27 mark if the current momentum continues.

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Chainlink

Chainlink to present buy opportunity before LINK rises to $38

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  • Chainlink price could create an extremely bullish entry opportunity.
  • An over 40% gain over the present value is likely.
  • Chainlink, like all cryptocurrencies, is at the mercy of Bitcoin’s post ETF hype price action.

Chainlink price could create one of the most sought-after bullish entry setups in Point and Figure analysis: the Bullish Catapult. However, buyers must keep Chainlink above a certain price threshold, or the pattern will be invalidated.

Chainlink price targets an entry at $29.50 to begin launch towards $38

Chainlink price on the Point and Figure chart below displays clear examples of whipsawing price action and general indecision. First, a triple-top formed at $28.50, followed by a bullish entry alert at $29. However, sellers took control and created a new column of Os (the current O-column). At first glance, it looks like a continuation of indecision – but it is, in fact, a setup for the Bullish Catapult pattern.

A Bullish Catapult pattern forms off of a triple-top and then a following double-top pattern. The Bullish Catapult is so sought after because of the nature in which it traps short sellers. The theory is that the initial spike following the entry is generated mainly by a short squeeze and other trapped shorts. For Chainlink price, the entry is at $29.50. The vertical profit target method in Point and Figure analysis identifies $38 as the target following the breakout.

LINK/USD $0.50/3-box Reversal Point and Figure Chart

However, the bullish breakout is contingent on how Bitcoin will react to the first trading day of the futures ETF that launched on Tuesday. If buyers can sustain Bitcoin’s price action, then Chainlink will have a high probability of hitting the $38 level. On the other hand, if sellers come in, then Chainlink is under threat of returning to the $15 value area.

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If Chainlink price returns to $22.50 or lower, the Bullish Catapult setup is invalidated.

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Whales Accumulate Huge Chunk of LINK! A Massive Chainlink Price Action Awaits!

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Chainlink Whales Stock Up LINK Amid Strong Bullish Sentiments!

The ongoing quarter of 2021 is looking historically bullish for the entire crypto space. With a display of a significant number of green candles, the broader crypto market reclaimed the $2.5 trillion market cap. Meanwhile, Chainlink’s recovery has been consistent over the last month, as whales have accumulated a huge chunk of LINK tokens. With groundbreaking collaborations, the altcoin is preparing for massive price action ahead!

According to the recent reports of Santiment, large wallet addresses with 1 million to 10 million have bought 167.7 million tokens worth $431 million. Hence, 25% of the total circulating supply is locked by whales now. Despite the LINK price being highly volatile over the last 4 months, whale traders have accumulated ATH of 16.8% of the total link supply during the recent price drop. Increasing scarcity in the asset will uplift the price momentum in the coming days.

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On the other hand, the altcoin is working on more collaborations and upgrades to further boost the price action. In the past 24 hours, the platform has collaborated with three prestigious tech firms. 

  • Chainlink partnered with POCOLAND to help traders to purchase characters, items, and types of equipment in its digital market space.
  • Dreams Quest announced its collaborations with multiple Chainlink services to integrate its dynamic NFT gaming experience. 
  • On the same day, Chainlink partnered with BaconDAO. This integration will facilitate a verifiably tamper-proof source of randomness on-chain. 

The Chainlink price is trading at $25.90 with 0.96% gains in the last 24 hours. Observing the 4-hour chart, the altcoin formed an M-shaped pattern and is on the verge of breaking down. However, in September 2021, the altcoin twice formed a W pattern. But, the asset failed to breakout to the next level. Hence, as RSI and MACD factors are indicating bullish signals, the asset could consolidate for some time now before starting with an uptrend. 

Collectively, with an increase in bullish sentiments, the price could surpass the crucial resistance above $33 to make its way for the new ATH. On the contrary, if the pattern continues the altcoin could settle at $21.24 levels.  Overall with a surge in whale accumulation and reduction in sell-off pressure the altcoin could boom to new milestones soon. 

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Chainlink Whales Now Hold $431 Million in LINK, Having Bought Dip: Details

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Recent on-chain data shows that large holders of crypto have added 15.2% of LINK supply to their holdings, buying on the dip.

Santiment on-chain data vendor has taken to Twitter to share that crypto whales continue to acquire LINK on the dip, adding over 15% of the LINK supply to their holdings in the past several months.

“Whale traders are staying busy”

The Santiment team has tweeted that while the 17th-biggest cryptocurrency, Chainlink, is trading at the $25.70 low, large cryptocurrency investors and traders, known as whales, have been buying the dip.

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Over the past four months, they have purchased 15.2% of the LINK supply, despite the volatility demonstrated by the coin. The highest peak reached by LINK in this period was $34.78 on Sept. 6 and the lowest level hit by the token was $13.78 on July 13.

Now, wallets with 1-10 million LINK own a whopping 167.7 million tokens. That is the equivalent of $431 million. Overall, these wallets now hold 16.8% of the LINK supply.

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Top 10 LINK whales hold 62.7% of supply

Earlier, Santiment reported that the top 10 Chainlink whales were unwilling to hold their crypto riches for a long time and kept redistributing their LINK stashes to investors with smaller wallets.

LINK is around 51% below its all-time high of $52 reached in May of this year, trading at $25.70 at the moment. As it happened, LINK dropped 73.72%, declining to a $13.70 low in June.

On Sept. 15, a partnership between Chainlink and Cardano was announced during Cardano Summit 2021. The largest proof-of-stake (PoS) blockchain plans to leverage Chainlink oracles for building advanced smart contracts.

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However, that did not have any effect on the LINK price.

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