Chainlink （LINK） sees significant whale accumulation, indicating potential bullish momentum despite current bearish indicators.
Points
- LINK is trading within a descending channel, indicating bearish momentum.
- Key support levels are identified at $11.4 and $10.
- Resistance points are at $13.92, $14.78, and $16.00.
- Whale accumulation suggests potential price increases.
Chainlink’s （LINK） price is currently moving within a descending channel and trading below the 50-day （green line） and 200-day （black line） exponential moving averages （EMAs）, indicating bearish momentum. However, a descending channel formation often signals a potential bullish reversal.
The main support levels for Chainlink are set at $11.4 and $10. These levels correspond to the lower boundaries of the descending channel and are historically significant support points. The key resistance levels for price increase are $13.92 （50-day EMA）, $14.78 （200-day EMA）, and $16.00.
On June 28, the Chainlink price chart formed a death cross on the daily timeframe, indicating a potential start of a downtrend. The RSI indicator is neutral at 48.45 but slightly trending downwards, suggesting continued short-term bearish pressure. The CMF indicator is at 0.07, indicating positive money flow but limited buying pressure.
Price Prediction for Chainlink
If Chainlink’s LINK price falls below $10 and fails to reclaim this level, it will signal weakness, invalidating the bullish thesis within the descending channel. In this scenario, the price is expected to find support around $8.11. Conversely, if the price holds above the $10 support and gains momentum, it could target the resistance levels at $13.92, $14.78, and $16.00.
Whale Accumulation Insights
Significant whale activity has been observed, with major holders accumulating LINK tokens, suggesting confidence in a future price increase. This accumulation could provide the bullish momentum needed to break above the key resistance levels and initiate a potential price rally.
Conclusion
Chainlink is currently experiencing downward pressure, but significant whale accumulation and key support levels offer a potential bullish outlook. If trading volume increases and LINK breaks above its resistance levels, a bullish reversal may occur. Investors should monitor these key levels and indicators for signs of a trend change.