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Whales Accumulate Chainlink Tokens

Aug 2, 2024 #仮想通貨
Whales Accumulate Chainlink Tokensコインチェーン 仮想通貨ニュース

Chainlink (LINK) is experiencing significant whale accumulation, suggesting potential price increases despite current bearish momentum.

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 (LINK) is currently trading within a descending channel and remains below its 50-day and 200-day exponential moving averages (EMAs), indicating bearish momentum. However, descending channels often precede bullish reversals. Key support levels for LINK are identified at $11.4 and $10, which align with

the channel’s lower boundaries and serve as historically significant support points. Resistance points are at $13.92 (50-day EMA), $14.78 (200-day EMA), and $16.00.

June 28 marked the formation of a death cross on LINK’s daily chart, suggesting a potential downtrend. The RSI indicator, at a neutral 48.45, slightly trends downward, indicating ongoing short-term bearish pressure. Meanwhile, the CMF indicator at 0.07 points to a positive money flow but limited buying pressure.

Price Prediction for Chainlink

Despite the current bearish sentiment, significant whale activity suggests a potential bullish outlook for LINK. Major holders have been accumulating LINK tokens, indicating confidence in a future price increase. If trading volume increases substantially, LINK could break above its key resistance levels, potentially reversing the downward trend.

Insights on Chainlink’s Market Activity

  • Whale Activity: Significant accumulation by major holders suggests potential price increase.
  • Support Levels: $11.4 and $10 are crucial to watch.
  • Resistance Levels: $13.92, $14.78, and $16.00 are pivotal for upward movement.
  • Indicators: Neutral RSI and positive yet limited CMF indicate mixed sentiment.

In summary, while Chainlink is currently experiencing downward pressure, whale activity and key support levels could offer a bullish outlook if trading volume increases substantially. Without such a volume boost, the downtrend may persist.