Chainlink

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
According to the renowned crypto analyst Ali Martinez, the Chainlink (LINK) price might be forming a “head and shoulders” pattern.
In a recent <a href="https://x.com/ali_charts/status/1816914700904595627">post</a>, he shared a four-hour chart that appears to show the formation of the pattern.
<img height="429" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcQ8yU_OVoMSz_VVLi4f99a-li3IYgI2fXAoG_J_AUPOvTkynrEbYqQuSmbB7Ig1a_mIUEzkms3SLnL8Ufn_qXDEWT7VNjWhB8NTKQ1lZ5j0Tv2rQqLYyrJw__SlX1GgZiUSdvfnpwCHpvAmJ4aGDmLrHQ?key=t3DWlOVNiKi88tqNj2eDOA" width="624">Source: <a href="https://x.com/ali_charts/status/1816914700904595627">Ali Charts/X</a>
In technical analysis, this pattern usually represents a trend reversal, often followed by a bull run.
If the “neckline” closes at $15, this could potentially trigger the price to move up to $19.
<h2 id="what-is-happening">What is happening?</h2>
During the recent&nbsp;market correction, Chainlink’s price dropped 16% from the week’s high to $12.6.
<img height="416" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXerEBlpK3IOEzuVKZiK9uRcQdvwsyd9lltYcNCfpypUVwe9DnpQW3yRcgHuD05KSSmIkLUk8Bd9lhCP9yBwfRjCCllg_4KSrV910g6gKVTXf69tZJgSPCCSU3Po6eDA25OBoeI2qq_NhQDT2tgPD4jXYMv-?key=t3DWlOVNiKi88tqNj2eDOA" width="624">Source: CoinMarketCap
As of press time, LINK was trading at&nbsp;$13.65, with a 24-hour trading volume of $203,437,634, down 24%.
<h2 id="whales-buying-dip">Whales buying dip?</h2>
According to Martinez, whales have been buying the dip after the recent crypto market crash. To be specific, they have bought over 6.2 million LINK coins over the last week.
The latest acquisition of LINK, estimated at around $76.88 million, is significant, especially given the recent broader market downturn.
Over the past 30 days, LINK's price has plummeted by 17.17%. However, this slump has led to increased activity from whales, who have been buying LINK tokens at these lower prices.
This surge in whale activity suggests that these large traders are expecting a price rebound for Chainlink soon.

Chainlink (LINK) Price Might Skyrocket If This Pattern Plays Out

Spis treści

U_Today

Inne artykuły opublikowane 27 lip 2024

Spot Ethereum ETFs Saw $341M Outflows, Options Buying Ignites Hope: QCP

Anthony Scaramucci, Tim Scott Weigh In Ahead Of Ex-President's Address At Bitcoin 2024 Conference...

Bitcoin 2024 day 2 recap: Saylor’s vision, RFK’s remarks steal the show in Nashville

Will Notcoin Surge 60% Next Week?

Jupiter and JasmyCoin lead the rally: Top crypto gainers and losers of the day

All the reasons why HODLing Bitcoin is the right call now

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!