Chainlink Price Analysis: Whale Accumulation Pattern Sets LINK for Major Reversal

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As a seasoned crypto investor with a keen interest in technical analysis, I find the recent price action in Chainlink (LINK) intriguing. The German Government’s decision to liquidate its Bitcoin holdings sparked a bullish sentiment across the market and alleviated significant supply pressure on Bitcoin, ultimately leading to a recovery in the altcoin sector as well.

I, as a crypto investor, have noticed an uplifting trend in the cryptocurrency market recently. Bitcoin is making steady progress towards recapturing the $60,000 mark. This bullish momentum gained momentum following the German Government’s decision to sell their entire Bitcoin holdings, thereby reducing the overall supply and easing pressure on the market. The optimistic vibes have also influenced altcoins, resulting in a three-day surge for Chainlink. Its value has increased by 6% and now stands at $13.1.

Chainlink Price Analysis: Whales Amassing 12.75 Million LINK

Chainlink Price Analysis: Whale Accumulation Pattern Sets LINK for Major Reversal

In the midst of market consolidation, the Chainlink price held firm above the $12.2 mark. This level, coupled with the downward sloping trendline of falling wedge formations, served as significant buying opportunities.

As a crypto investor, I’ve noticed an intriguing development in the market. The relentless demand has propelled the asset price up to $13.12, while its market capitalization has reached a staggering $7.97 Billion. A fascinating find from the on-chain data tracker, lookonchain, suggests that there’s been significant accumulation of Chainlink (LINK) coins by unknown entities. These could very well be a seasoned whale or perhaps an institutional investor, adding fuel to the growing buzz around this promising project.

It seems that a mysterious whale/institution is accumulating $LINK!
We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!
— Lookonchain (@lookonchain) July 14, 2024

Starting on June 24, 2022, Lookonchain has detected 93 newly identified wallets that have withdrawn approximately $167 million worth of LINK tokens, equivalent to around 12.75 million units, from Binance. Coingape previously reported a comparable occurrence of large-scale purchases in early June, indicating a consistent trend of amassing during market slumps.

Read Here: Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

The market is exhibiting indications of bouncing back, and large-scale purchases by “whales” have been detected. According to Chainlink price analysis, there’s a strong possibility of a significant price increase in the coming days. If the wedge pattern persists, the Chainlink price might surge by approximately 24.6% to reach the resistance line around $16.34.

As a crypto investor, I’ve noticed that the wedge pattern forming on the chart has a covering trendline. This trendline suggests that the sellers’ strength might be waning, leading to an upward breakout past the downward-sloping trendline. The breakout could significantly boost the bullish momentum and encourage buyers to push the price above $25.

Technical Indicator:

  • BB Indicator: A downward trend in Bollinger Band indicates the sellers have not thrown the towel yet which could extend the ongoing consolidation for a while.
  • RSI: The daily Relative Strength Index rise above 45% indicates the market sentiment entered a neutral territory.

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2024-07-14 17:56