Blockchain, Cryptocurrency, News & Updates

Whales Keep Gathering Despite Indications of Technical Weakness

During the past few couple of weeks, Chainlink’s price performance has done little to equip investors with sharpness into its near-term forecast, as it has mainly been concentrating between lows of $7.50 and highs of $11.00.

The cryptocurrency has seen some unusual momentum during the past 24-hours, but it is grappling to push higher as it begins advancing the considerable resistance that sits at $11.00.

It has been refused here on multiple occasions over the past month, with each one catalyzing far-reaching selloffs that damage its market structure.

Even if the experts are split into whether LINK’s continuing upswing will differ from those seen in recent weeks, one on-chain trend is undoubtedly bullish for the cryptocurrency’s outlook.

One analytics firm described in a new tweet that data shows whales have accumulated massive amounts of Chainlink.

This shows that big investors are confident in their near-term outlook and may also continue contributing the token with significant buying pressure to lift it higher.

Chainlink Nears Key Resistance Level as Momentum Stalls

As a result, Chainlink’s dive to its recent lows of $7.50, the cryptocurrency has been quickly climbing higher, reaching monthly highs of just under $11.00 earlier today.

At the time of this writing, Chainlink is trading down slightly from these highs at its current price of $10.89. This is about where it has been trading during the past couple of days.

To date, each visit to $11.000 over the past month has catalyzed strong rejections. Unless Bitcoin makes a severe push higher that carries the entire market with it, it is unlikely that this will change anytime soon.

On-Chain Metrics Show Whales are Rapidly Accumulating LINK 

One analytics firm explained in a recent tweet that data points to a significant accumulation trend amongst large LINK wallets.

Image Courtesy of Santiment

They note that this indicates large buyers are still confident in Chainlink’s outlook, despite the 50% decline from its recent highs.

This trend suggests that a severe upside could be in store for LINK, but it must first shatter the selling pressure at $11.00.

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