Chainlink LINK’s 7.6% price climb in 24 hours suggests bullish technical momentum behind the altcoin, continuing last week’s momentum. The coin now sits at $14.11, finally reclaiming the $14 after a spell under that mark. LINK has seen significant challenges recently, dropping 14.62% in the last month and a total of 51.66% over the past six months. However, recent whale activity and the rebound have given investors hope.
LINK recently fell below a $15 resistance, concerning investors. Experts were bullish on LINK in the altcoin season, suggesting it could potentially reach $20. The asset recently reclaimed $16, but has since tanked under that mark. While the tank immediately put investors in a state of worry, the slight pickup in the last 48 hours is helping LINK get momentum. That momentum can be seen in recent whale moves. Indeed, crypto whales (large holders of crypto assets) have swooped up 438M LINK, worth approximately $6,132,000,000 at press time. The sudden purchases by whales fuel investor sentiment that the LINK rebound is set to execute any day now.
Furthermore, the stalling of several crypto ETFs has worried cryptocurrency investors as a whole. Those concerns have leaked into Chainlink LINK and put hopes of $20 in jeopardy. The Chainlink platform has seen good news of late, though, including successfully facilitating a CBDC–stablecoin exchange between Hong Kong and Australia.
LINK’s resistance levels are identified at $19.80 and $24.55, complicating potential upward movements. Bears control the market, evident from the negative Awesome Oscillator at -1.345 and a slightly negative momentum indicator at -0.121. With the Relative Strength Index at 42.74, buyer hesitance is clear, but the LINK whale transactions prove otherwise.
Credit: Source link
