Accumulate

2024

Resistance

Chainlink

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/whales-accumulate-chainlink-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Accumulate Chainlink Tokens</a><br></p>
<p style="text-align: justify">Chainlink (LINK) has seen its price spiral downwards since peaking in March. Despite a brief 7% rise during the 2024 <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoins-crucial-threshold" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> Conference, LINK shed all gains within three days. In the past 24 hours, the cryptocurrency’s value slipped by 3.9% to $12.82, largely due to market swings following the Federal Open Market Committee’s (FOMC) decision to keep <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rates</a> steady. Analysts caution that LINK needs a cooldown phase before it can aim for the anticipated $16 level.</p>
<h2 id="chainlink-technical-analysis">Chainlink Technical Analysis</h2>
<p style="text-align: justify">Currently, LINK is trading within a descending channel and remains below its 50-day and 200-day exponential moving averages (EMAs), hinting at bearish momentum. However, descending channels often precede bullish reversals. Key support levels are identified at $11.4 and $10, which align with the channel’s lower boundaries and serve as historically significant support points. Resistance points are at $13.92 (50-day EMA), $14.78 (200-day EMA), and $16.00.</p>
<p style="text-align: justify">June 28 marked the formation of a death cross on LINK’s daily chart, suggesting a potential downtrend. The RSI indicator, at a neutral 48.45, slightly trends downward, indicating ongoing short-term bearish pressure. Meanwhile, the CMF indicator at 0.07 points to a positive money flow but limited buying pressure.</p>
<h2 id="price-prediction-for-chainlink">Price Prediction for Chainlink</h2>
<p style="text-align: justify">Should LINK fall below $10 and fail to reclaim this level, it would undermine the bullish outlook within the descending channel, with the price likely finding support around $8.11. IntoTheBlock <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that Chainlink whales have been accumulating heavily over the past two months, with whale inflows surpassing outflows, indicating a potential price increase. According to Coingecko, trading volume for LINK has risen slightly by 4% and remained stable. A substantial increase in trading volume is required to confirm an exit from the descending channel; absent this, LINK is expected to continue its downtrend.</p>
<h2 id="insights-on-chainlink-s-market-activity">Insights on Chainlink’s Market Activity</h2>
<p style="text-align: justify">– Whale activity: Significant accumulation by major holders suggests potential price increase.<br> – Key support levels: $11.4 and $10 are crucial to watch.<br> – Resistance levels: $13.92, $14.78, and $16.00 are pivotal for upward movement.<br> – Indicators: Neutral RSI and positive yet limited CMF indicate mixed sentiment.</p>
<p style="text-align: justify">In summary, while Chainlink is currently experiencing downward pressure, whale activity and key support levels could offer a bullish outlook if trading volume increases substantially. Without such a volume boost, the downtrend may persist.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/whales-accumulate-chainlink-tokens" data-wpel-link="internal" rel="noopener noreferrer nofollow">Whales Accumulate Chainlink Tokens</a></h5>

Whales Accumulate Chainlink Tokens

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