Wonder

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Chainlink

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<p><strong>Twitter user Ali <a href="https://twitter.com/ali_charts/status/1700489351119909222?s=20" target="_blank" rel="noopener noreferrer nofollow">noted</a> that large investors have accumulated over 4 million LINK tokens worth about $24 million in the past 10 days. This highlights continued interest in Chainlink among major market participants.</strong></p> 
<p>This level of investment from key players is a strong indicator of confidence in Chainlink’s potential, but what does it mean for the average investor and the LINK price?</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="489" src="https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-1024x489.png" alt="" class="wp-image-332053" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-1024x489.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-300x143.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-767x366.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-1536x733.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-2048x978.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-314x150.png 314w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-100x48.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-733x350.png 733w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-163-788x376.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<h2 class="wp-block-heading" id="the-whale-effect-on-link-price">The Whale Effect on LINK Price</h2> 
<p>When whales make such substantial purchases, it often leads to a ripple effect in the market. Their actions can serve as a bullish signal, attracting smaller investors who follow in their wake, thereby driving up demand and potentially the price. </p> 
<p>However, it’s crucial to note that whale activity can also lead to increased volatility, as their subsequent actions to either hold or sell can significantly impact the market.</p> 
<h2 class="wp-block-heading" id="link-s-technical-analysis-a-mixed-bag">LINK’s Technical Analysis: A Mixed Bag</h2> 
<p>Ali’s technical analysis of LINK paints a nuanced picture. The price recently broke out of its Channel Up pattern but faced rejection at the $8.50 resistance level, mirroring its performance in April and March. A pullback to the $6.00 long-term support zone could offer an opportunity for a swing entry. However, Ali warns that this would be a riskier trade setup given the overall downtrend.</p> 
<p>Chainlink is currently in a downtrend across all time horizons—short, medium, and long-term. This trend suggests that caution is warranted, and investors should be prepared for potential further declines.</p> 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="573" src="https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-1024x573.png" alt="" class="wp-image-332045" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-1024x573.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-768x430.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-1536x860.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-2048x1147.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-625x350.png 625w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162-788x441.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-162.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
<p><em>Source: </em><strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="altFINS" href="https://captainaltcoin.com/go/altfins/" data-shortcode="true"><em>altFINS – Start using it today</em></a></strong></p> 
<h3 class="wp-block-heading" id="momentum-indicators">Momentum Indicators</h3> 
<p>The momentum for LINK is mixed. The MACD (Moving Average Convergence Divergence) line is above the MACD Signal Line, indicating a bullish trend. However, the RSI (Relative Strength Index) is hovering around 50, which is generally considered neutral. This mixed momentum signals that investors should tread carefully.</p> 
<h3 class="wp-block-heading" id="support-and-resistance">Support and Resistance</h3> 
<p>The nearest support zone for LINK is at $6.00, which was a previous resistance level. The next support level is at $5.00. On the flip side, the nearest resistance zone is at $8.50, followed by $9.50.</p> 
<h2 class="wp-block-heading" id="final-thoughts">Final Thoughts</h2> 
<p>While the massive buying spree by Chainlink whales may be a bullish sign, the technical indicators suggest a more cautious approach. Investors should keep a close eye on support and resistance levels and set price alerts accordingly. The mixed momentum and overall downtrend also call for a well-thought-out investment strategy.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/chainlink-whales-go-on-a-24-million-link-shopping-spree-traders-wonder-what-it-means-for-price-action/">Chainlink Whales Go on a $24 Million LINK Shopping Spree: Traders Wonder What It Means for Price Action</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Chainlink Whales Go on a $24 Million LINK Shopping Spree: Traders Wonder What It Means for Price Action

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