As an experienced analyst, I have closely monitored the Chainlink (LINK) market for quite some time. The recent collaboration with Fidelity International and Signum to offer NAV data on-chain is a promising development, as it aims to provide better transparency and access to real-time data. However, the lackluster price performance of LINK has raised concerns among investors, despite these partnerships.
The Chainlink network is responding to the increasing interest in tokenized assets by teaming up with Fidelity International and Signum to provide real-time NAV data on the blockchain. This collaboration aims to enhance accessibility and promote greater transparency. However, despite these partnerships, Chainlink’s price has been underperforming, raising concerns among investors. Over the past 24 hours, the LINK price has declined by over 8%, dropping to $13.27. Unfortunately, this downtrend is not a recent development, as the token has lost more than 24% of its value in the last month.
As a researcher studying the price trends of LINK, I’ve observed that the cryptocurrency has been experiencing difficulties in regaining its previous highs since reaching an all-time high (ATH) of $52.88 on May 10, 2021. The best price surge during the last three years occurred during the March rally when LINK reached a maximum of $21.42 – which is significantly lower than the ATH.
$30 million investment Failed To Lift LINK Price
In spite of the persistent decrease in whale activity, there has been no change in this phenomenon as evidenced by the emergence of 54 new wallets holding approximately $30 Million in LINK tokens. According to Lookonchain data, these wallets have transferred around $2.08 Million worth of LINK ($40.28 Million) from Binance within the last week. Given the prolonged downtrend in the price of LINK, large investors who had kept their holdings static for weeks recently decided to purchase more tokens.
This mysterious whale continues to accumulate $LINK!
Over the last five days, a sum of 4,556,684 dollars worth of $LINK (equivalent to 83.6 million dollars) has been transferred into Binance from fifty-five newly identified wallets.
— Lookonchain (@lookonchain) February 10, 2024
The intense feelings of major investors caused a minor bounce back on July 2, pushing the price up to $14.66 prior to yet another correction. This demonstrates significant institutional investor involvement due to the growing importance of the network in facilitating blockchain connectivity.
What Technical Indicator Says About Recovery?
As a researcher studying the financial markets, I’ve observed that the token is currently exhibiting strong selling signals based on technical indicators such as the RSI, MACD (12,26), Highs/Lows (14), and Bull/Bear Power (13). These indicators suggest that the ongoing decline is favored by the market trends. However, it’s important to note that some analysts have reported a golden crossover in the hourly charts earlier today. This signal, although minor, may indicate a potential shift towards bullish sentiment among investors.
Despite the presence of significant short sellers among the buyers, it’s important to note that a potential recovery could be cut short if the current LINK price falls below the support level at $13.25. If this happens, the token may continue to decline. On the other hand, if the price rebounds before touching the support, the next resistance is at $14.27, which could potentially drive the price even higher towards the $16 mark suggested by some analysts for the near future.
Chainlink has earned a substantial recognition owing to its expanding usage and recurring enhancements. Consequently, analysts harbor positive expectations regarding its future growth potential, despite the present dip. Michael van de Poppe, a well-known crypto analyst, recently pointed out the reoccurrence of trends in LINK‘s price history. According to him, the initial six months showcase downward trends, while the remaining periods exhibit bull markets. He concluded by expressing optimism for the future, stating that we are currently in the second part of this cycle and good days lie ahead.
Continue Reading 3 Signs Of a Sustained Bearish Sentiment
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2024-07-04 11:32