2024

Chainlink

Velocity

Coin

<p>Amidst the market turbulence, <a href="https://www.thecoinrepublic.com/2024/07/01/optimism-in-chainlink-due-to-coinbase-can-link-gain-50/"><strong>Chainlink</strong> price</a><strong> </strong>experienced a V shaped sharp rejection from the hurdle of $20 and returned to its bottom mark of $11. It made a double bottom formation in the last session.</p> 
<p>Notably, the token price made consecutive bullish candles, but paused below the 20 day EMA mark. Although it indicates buyer accumulation from the lows, buyers need to initiate a recovery.</p> 
<p>To initiate a pullback, the primary hurdle of $15 needs to be crossed, whereas the downside was capped at $11.</p> 
<p>At press time, <strong>Chainlink </strong>was trading at $13.09 with an intraday drop of 1.36%, reflecting neutrality on the charts. It has a monthly return ratio of -17.20% and 112.0% yearly, reflecting short term profit booking.</p> 
<p>The pair of LINK/BTC is at 0.000228 BTC, and the market cap is $7.97 Billion. Analysts are neutral and suggest that <strong>LINK </strong>may recover its gains and could outperform.</p> 
<h2 class="wp-block-heading" id="h-will-chainlink-remain-resilient"><strong>Will Chainlink Remain Resilient?</strong></h2> 
<p>The first week of July was a tough one for most of the crypto assets, characterized by underperformance and bearishness.&nbsp;</p> 
<p>LINK is near a vital support zone ($12) and a rise is anticipated. While the sellers have held on to the $15 mark, which was quite difficult for the bulls to cross in the short term.</p> <iframe loading="lazy" title="Santiment Chart: Price (LINK), Volume (LINK)" width="800" height="425" src="https://embed.santiment.net/chart?ps=cosmos&amp;pt=ATOM&amp;df=2024-01-09T18%3A29%3A59.154Z&amp;dt=2024-07-09T18%3A29%3A59.154Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bchainlink%3BLINK%5D%3B%5B1%3Bvolume_usd%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
<p>This might lead to the short term consolidation in the token’s price action and it might spend the next few sessions in a closed range ahead.</p> 
<p>Meanwhile, the RSI curve displayed a positive crossover and recuperated from the oversold region, displaying signs of a potential recovery<strong>.</strong></p> 
<p><strong>What Do Crypto Analysts Say About Chainlink (LINK)</strong></p> 
<p>As popular crypto analyst Ali Martinez reported previously in his post, whales amassed over 6.2 million LINK past week</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> whales have snapped up over 6.2 million <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> this past week, totaling approximately $76.88 million! <a href="https://t.co/Hats1Nmsny">pic.twitter.com/Hats1Nmsny</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1810214886099521729?ref_src=twsrc%5Etfw">July 8, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>This buildup indicates that the holders remained optimistic for the token. However, the token is near the lower trajectory of $12.</p> 
<p>Yet another analyst, Michael Van De Poppe noted tweeted that LINK was trading around its pivot bottom mark of $12 and could recover from there.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here. <a href="https://t.co/5T4GikNrFa">pic.twitter.com/5T4GikNrFa</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1810380832965607654?ref_src=twsrc%5Etfw">July 8, 2024</a>
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<p>Per the GIOM (Global In/Out of the Money) indicator, a metric which shows the active addresses that purchased volumes in a price range.</p> 
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 <img loading="lazy" decoding="async" width="1024" height="239" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-1024x239.png" alt="Global In/Out of Money | Source: IntoTheBlock" class="wp-image-597726" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-1024x239.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-300x70.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-768x179.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-1536x358.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-150x35.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-696x162.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8-1068x249.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/07/image-8.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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  <strong>Global In/Out of Money | Source: IntoTheBlock</strong>
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<p>It shows that around 45% of in-the-money holders are comfortably sitting on profits, while more than 55% of holders are still in trouble, highlighting instability in the token price chart.</p> 
<p>As such, if the demand decreases, the token may not cross the $15 mark.</p> 
<h2 class="wp-block-heading" id="h-velocity-and-transaction-volume-spikes"><strong>Velocity and Transaction Volume Spikes</strong></h2> 
<p>Amidst the pause in the token price, rise in transaction volumes signifies a potential up move is on the cards and it could be seen ahead.</p> 
<p>Meanwhile, the <strong>active addresses </strong>remained flat around 3037 which conveys neutral sentiment among the investors.</p> <iframe loading="lazy" title="Santiment Chart: Active Addresses 24h (LINK), Transaction Volume (LINK), Velocity (LINK)" width="800" height="425" src="https://embed.santiment.net/chart?ps=cosmos&amp;pt=ATOM&amp;df=2024-01-09T18%3A29%3A59.154Z&amp;dt=2024-07-09T18%3A29%3A59.154Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bactive_addresses_24h%3Bchainlink%3BLINK%5D%3B%5B1%3Btransaction_volume%3Bchainlink%3BLINK%5D%3B%5B1%3Bvelocity%3Bchainlink%3BLINK%5D&amp;wax=0%3B1%3B2&amp;wc=%23FF5B5B%3B%23FFCB47%3B%235275FF&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D%3B" scrolling="no"></iframe> 
<p>The sharp surge in <strong>velocity </strong>value indicates the higher transfers, meaning that there;s a high increase in activity involving LINK.</p> 
<p>The immediate support levels for <strong>LINK </strong>are $11 and $10.20, whereas the key upside hurdle is around $14.30 followed by $15</p> 
<p><strong>LINK </strong>is below the significant moving averages and paused its gains near the $13 mark. Technicals suggest that it could recover ahead and face the resistance mark of $15.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/09/chainlink-hovers-at-downside-link-anticipating-a-recovery/">Chainlink Hovers At Downside: LINK Anticipating A Recovery?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Chainlink Hovers At Downside: LINK Anticipating A Recovery?

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