Chainlink Whales Tired of Carrying the Price Rally Any Longer?

Chainlink saw an uptick in whale activity, but the prices fell anyway.
LINK prices fell by about 7% in the intraday session.
The recent accumulation of LINK can hint at upcoming price rise.

Chainlink (LINK) is among the most popular oracle networks in the cryptomarket. The network is seeing an uptick in activity from its whale wallets. The majority of the big wallets were observed accumulating LINK tokens, hinting at their notion of growth in the network. The LINK prices saw a rise in the recent days, while the network witnessed its largest transaction in eight months recently.

Many speculate the whale movement in LINK is due to their belief in the network, and the recent accumulation of the token by them is an indication of an upcoming price rocket. It’s hard to determine whether the rise is long lasting, but it may certainly yield heavy profits, even in the short run. The recent price movement showed that prices shed about 7% in the intraday session, facing rejection at the $8.10.

The chart tale

LINK prices, after rising, saw a downtrend. The price reversal was observed after facing rejection at $8.10. The volume saw a rise after the buyers interacted with the rising prices. The EMA ribbon forms a possibility of a golden cross (green circle), hinting at future bull run. The rising OBV supports the high run, showing the pressure to be positive and temporary.

The CMF finds a spot near the baseline to show a stagnant market at present. The MACD, after forming a positive cross, records buyer bars, but it shows weak engagement, and may end soon. The RSI falls from the ceiling ranges to the 50-range to show declining buyer pull. The indicators are currently reflecting the downtrend in LINK prices.

The smaller time frame shows a falling trend in the prices. The CMF falls to the zone below the baseline to reflect the present momentum. The MACD formed a negative cross and recorded ascending seller bars, in the zone below the zero-histogram mark. The RSI falls to 40-range entering the seller’s territory and indicating them gaining dominance.

The LINK prices after facing rejection from the resistance near $8.10, has formed a downtrend. The falling prices may take support near $6.5 trying to change the course of the movement. The holders of LINK can rely on this support level. Keeping the whale activity in mind, the recent accumulation of the token can hint at a bigger bull run.

Technical levels

Support levels: $6.5 and $5.5

Resistance levels: $8.10 and $9.33

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing