As a crypto investor with some experience under my belt, I’ve seen my fair share of market ups and downs, and the current state of Chainlink (LINK) is leaving me feeling quite disheartened. With a 15% loss over the month, LINK is among the slowest recovering altcoins in the market, and its price performance has been lackluster for years.
With a 15% loss over the past month, Chainlink is among the slower recovering altcoins in the market. Although the token price has seen a slight uptick today, the previous days have been sluggish, particularly following the crypto market downturn. However, this market setback wasn’t the only factor hindering LINK‘s growth – its price performance over the past three years has not approached its best days. The last significant surge in Chainlink’s price occurred in May 2021, when it reached an all-time high of $52.88 before declining.
In the same year, the altcoin made an attempt to rise, reaching a peak of $48.84. However, since then, its price has struggled to reach significant highs, with brief and fleeting rallies. Not even this year’s bullish market in March was able to propel LINK‘s price above its current slump.
LINK Price Stays Unaffected Despite Whales Buying
Last week, well-known cryptocurrency analyst Ali Charts drew the investment community’s focus towards heightened whale activity surrounding Chainlink’s token. According to his assessment, these large investors have amassed approximately 6.2 million LINK tokens within a week, translating to over $76.88 million in value.
Over the past week, large investors, or “whales,” in Chainlink (LINK) have purchased a staggering $6.2 million worth of LINK tokens, equating to an approximate total investment of $76.88 million.
— Ali (@ali_charts) July 8, 2024
Simultaneously, the Chainlink price dipped to $12.07 but then rebounded to $13.47, reflecting the tug-of-war between bears and bulls. This trend persisted over the following days with frequent price swings due to strong market selling pressure.
The selling pressure came from the German government liquidating their confiscated Bitcoins, causing turmoil among Bitcoin holders since the price remained stubbornly below $60,000 despite repeated efforts. The market was also shrouded in apprehension until recently. Meanwhile, the LINK price jumped to $13.01%, marking a 3% increase in the last 24 hours. However, it is still far from its all-time high, which remains 75% above this current level.
Bearish Trend Is Dominating For Chainlink
After examining the 24-hour price charts, it’s clear that selling pressure remains strong, hindering LINK‘s price growth. Despite whales making purchases, the token hovers in the sell zone according to its moving averages (20, 30, 50, and 100). However, a potential trend reversal may be on the horizon as suggested by the MACD (12, 26), which currently stands at -0.577.
As a researcher, I’ve observed that the Relative Strength Index (RSI) currently stands at 45.014, indicating a neutral position where both the bears and bulls hold significant influence. This situation may result in consolidation, as we’ve seen throughout the week. Currently, the LINK price hovers near the support level of 12.922. If it drops below this point, the next support lies at 11.512. However, if the price rebounds and approaches the resistance at 17.487, the charts could signal an uptrend.
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2024-07-13 19:04