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Chainlink price analysis: LINK corrects at $26 as bears intervene, a further downside to follow?

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  • Price breakup was downwards today as per Chainlink price analysis.
  • Strong resistance is found at $27.3.
  • LINK/USD finds support at $25.3.

The Chainlink price analysis shows bearish signs today. A small decrease in price has been observed as the price breakup was downwards at the start of the session. The LINK/USD showed promising gains yesterday when the price spiked from $23.9 to $26.4, forming a short-term upwards price trend line. The spike helped LINK/USD pair to regain more than half of the losses of the 20th September flash crash.

After three days of upwards price movement, today LINK/USD is correcting, as selling pressure exists in the market. The LINK/USD pair is trading hands at $26 at the time of writing. The price movement of LINK/USD is following the broader crypto market, defined by the leader of cryptocurrencies Bitcoin, as Ethereum and most of the top altcoins are all showing signs of correction after yesterday’s bullish market.

LINK/USD 1-day price chart: Price drops as bears stop further advancement

The 1-day price chart for Chainlink price analysis shows price drop as selling pressure triggers from the traders. After a significant improvement in LINK/USD pair price, correction is happening, as traders want to book profits before a further bulls rally.

Chainlink price analysis: LINK corrects at $26 as bears intervene, a further downside to follow? 1
LINK/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for the LINK/USD pair, as the Bollinger bands indicator suggests. The upper band is present at the $31 mark, and the lower band is present at the $20 mark; the mean average line of the Bollinger bands is still below the price level at the $25.6 mark.

The relative strength index (RSI) is at the center of the neutral zone on a very slight downslope indicating the selling activity taking place in the market. The RSI indicator shows a reading of 50 index.

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The MACD oscillator indicator shows a bullish crossover as the first green bar appeared on the histogram today. The dark color of the histogram suggests strong bullish momentum, as, despite the price following a downwards trend, the overall cryptocurrency’s trend is bullish in nature.

The Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows bullish efforts in the last four hours. LINK bulls seem to be gaining strength again as a rise in price has been observed in the recent hours as selling pressure is decreasing.

Chainlink price analysis: LINK corrects at $26 as bears intervene, a further downside to follow? 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is decreasing on the 4-hour chart as Bollinger bands show convergence, with the upper band at the $26 mark and the lower band at the $21 mark, forming the average at the $24 mark. The indicator also shows an upwards breakout, so a bullish rally again in the coming hours is also not out of the question.

During the recent hours, the relative strength index has also moved to the upper half of the neutral zone and is present near the oversold zone at 62 index; this is a clear indication of decreasing selling pressure and the entrance of buyers into the market in the current hours.

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The moving average (MA) is found below the price level on the 4-hour chart, and the short-term moving averages MA10 and MA20 favor the bullish side, whereas the MA30 favors the bearish side. The exponential moving averages EMA10, EMA20 and EMA30, all favor the bullish side. Across the oscillator indicators, most of them remain neutral, except MACD favoring the bullish side and the only oscillator of Momentum favors the bearish side, which is of utmost importance according to today’s price function.

Chainlink price analysis: Conclusion

The 4-hour and 24-hour Chainlink price analysis reveals a bearish market as of now, but the overall trend for the LINK/USD is bullish, as is suggested by most of the technical indications. We expect the correction to continue for the coming hours, and the price of LINK/USD may go down to $25.5. The correction taking place right now is natural at this time.

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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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