As an experienced analyst, I believe that the recent surge in Chainlink’s price is not a mere coincidence but rather a result of significant market developments. The Bitcoin price leap to $65000 on Wednesday triggered a renewed recovery sentiment in the crypto market, and Chainlink was one of the major coins that caught the attention of investors due to whale accumulation and a rise in social dominance.
Based on recent developments in the crypto market, the surge in Bitcoin‘s price to $65,000 has sparked renewed optimism among investors. Among the major coins, Chainlink (LINK) has been particularly noteworthy as it experienced three consecutive days of growth. This uptrend can be attributed to whale accumulation and an increase in social dominance for LINK. However, it’s important to note that past performance is not indicative of future results. The question remains: Is the price of LINK headed towards $20? While it’s impossible to predict with certainty, this bullish trend could potentially pave the way for further gains in the short term. Nevertheless, investors should exercise caution and consider implementing proper risk management strategies when making investment decisions.
Chainlink Sees Significant Market Cap Surge Amid Whale Accumulation and Social Dominance Rise
As a crypto investor, I’ve noticed that during the recent correction trend in Chainlink’s price, there was a noteworthy support level at the 61.8% Fibonacci retracement. This technical level is significant because it provides buyers with a strong foundation to defend against further declines and launch counterattacks.
Due to increased market interest, the value of LINK formed two distinct lower highs on its daily chart, signaling that investors are purchasing this asset during price declines. Following Bitcoin’s price jump to $65,000 on Wednesday, Chainlink rebounded from $12.80 and experienced a 25% increase within just three days, reaching a new height of $16.
The significant increase in price caused a clear rupture above the two-month-long correction trendline, marking a definitive shift.
In the midst of the current market upturn, Chainlink’s market capitalization has witnessed a significant jump of around 14% over the past day. As per Santiment’s data, this notable rise can be mainly attributed to an escalating trend in large investors or “whales.” Specifically, the count of Chainlink whales, defined as wallets containing 100K or more LINK tokens, has grown by roughly 4.6% within a five-week span, reaching a total of 564.
As a crypto investor, I’ve noticed an exciting development regarding Chainlink. According to the platform’s data, the chatter around this cryptocurrency has hit its peak since October 21, 2023 – marking a seven-month high. If this upward trend in social dominance holds steady without being disrupted by the fear of missing out (FOMO), then we can expect the bullish conditions for Chainlink to remain strong.
If the breakout sustains, the Chainlink price should amid potential target of $18.6, followed by $20.7 and $22.8
Technical Indicator:
- Exponential Moving Average: The recently reclaimed 20-day EMA can assist LINK price with dynamic support during occasional pullbacks.
ADX: The ADX slope upswing at 22% indicates the buyers have sufficient momentum to lead a higher rally.
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2024-05-17 17:52