LINK Price Explodes 10% To $6.8 As Bulls Eye $10

LINK price has defied negative market sentiments linked to the transfer of millions of tokens. The token which powers one of crypto’s most sought-after oracle protocols, is trading at $6.7 amid 10% in 24-hour gains.

This bullish outlook accompanied considerable price increases across the market, with Bitcoin soaring above $27,000 and Ethereum shooting beyond resistance at $1,650. A 1.7% spike in the overall market cap to $1.12 trillion suggests that the market outlook could stay bullish this week.

LINK Price Rallies Defying Massive Token Transfers

Over the last 24 to 48 hours, there have been notable transfers of LINK tokens from the protocol’s wallets to several platforms causing a mixture of reactions over its implications for the 20th largest digital assets.

According to an earlier report, four Chainlink wallets moved 18.75 million LINK worth roughly $125 million to different platforms. Intriguingly, all the wallets, known for holding non-circulating LINK supply, transferred the 15.7 million of the tokens to Binance with 3.05 million going to a multi-sg wallet.

Meanwhile, on-chain dada firm Lookonchain revealed that this was not the first time such a massive transfer of LINK tokens had occurred, noting that there was another $95 million worth of LINK transferred to Binance on March 4.

So far, transfers of non-circulating supply of Chainlink to other platforms have increased quarterly, summing up to $446 million. Although these transfers have been raising eyebrows, LINK price performed remarkably on Monday.

If bulls manage to bring down resistance at $7, the path to $10 could clear up, giving investors a chance to smile despite the weak crypto market structure since June.

LINK price must push for gains above the grey band as well as the upper resistance trendline to move away from the sellers’ influence.

Key indicators like the Moving Average Convergence Divergence (MACD) and moving averages reveal that it is time for the bulls to shine. A buy signal confirmed with the blue MACD line lifting above the red signal line shows Chainlink’s live price is primed for a massive rally targeting $8 and $10.

LINK price chart
LINK/USD four-hour chart | Tradingview

The 50-day Exponential Moving Average (EMA) (red) which has just crossed above the blue 100-day EMA reinforces the bullish grip on the price. Traders deliberating whether to join the uptrend may want to wait until LINK price pushes above the upper descending trendline resistance or starts the next recovery phase above $7.

Due to the potential for profit-booking at $7, buying pressure must surpass the selling pressure to keep Chainlink’s uptrend intact. In the event LINK price is rejected and is unable to sustain movement above $7, it might be prudent to consider switching to short positions as losses may increase to $6.4 and $6.1, respectively.

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/link-price-big-moves-eye-10-heres-how-traders-can-stay-profitable-this-week/