The Chainlink (LINK) price chart depicts a very interesting price action. The trading range, which I identified many months ago, still stands valid. Multiple rejections from the middle of this trading range have made the $7.6 level a rock-solid resistance zone.
After two consecutive weeks of downtrend, the LINK crypto price is showing indecisiveness this week. The sideways price action of Bitcoin is keeping the altcoin prices in check without any significant breakout. At press time, LINK is up 1.45% as the cryptocurrency reversed its weekly loss.
According to the latest Chainlink news, the institutional demand for the oracle coin remains strong. The recent report from Sentiment shows that the wallets holding 100k to 1M LINK coins are accumulating digital assets very aggressively.
In the past week alone, the whales spent $38.5 million on buying the native asset of the Chainlink ecosystem.
Chainlink Announces Constellation Hackathon
Since its launch, Chainlink has remained at the forefront of the blockchain revolution. During this time, the project has established its status as the most dominant oracle in the whole industry. Most of the DeFi applications are empowered by the data feeds from Chainlink oracles.
In its efforts to accelerate the web3 adoption and encourage blockchain developers, the project has announced the Constellation hackathon. According to the official blog post from LINK Crypto, Constellation will November 8 to December 10, 2023.
LINK/BTC Tanks After Fakeout
In my last analysis of the LINK/BTC pair, I mentioned the significance of the 0.00028 level. After a fakeout above this level, the pair has faced a 14% correction till now. The downward trendline is also proving to be a dynamic resistance on a high timeframe.
In the coming week, the LINK to BTC pair may retest the 0.00024 level, which comes from the confluence of the uptrend line and the 200 daily moving average. This also points towards a potential pullback in the LINK to USD pair, which is already at a critical resistance level.
Chainlink Price Prediction
For this article, let’s analyze the LINK/USD 3D chart. Each candle on the following chart encompasses the price action of three days. This chart provides a bigger picture than the daily chart and removes the noise. It can be seen on the chart that the price is struggling to break above the middle of the longterm accumulation zone.
As I have mentioned in my previous articles, Chainlink price prediction can flip bullish only after a clear break above the $10 level. In the near term, a reclaim of the $7.6 level may result in another retest of the range highs around $10.
Source: https://www.analyticsinsight.net/chainlink-price-prediction-as-whales-buy-40m-worth-of-link/