Key Insights
- Exchanges move over $50M LINK to Wintermute in 24 hours, potentially for manipulation of price.
- LINK price could see a reversal rally as TD sequential indicator flashed a buy signal.
Amidst broader market turbulence, Chainlink price was facing increasing selling pressure. It struggled below the key exponential moving averages and displayed a bearish price action.
At press time, Chainlink price was trading at $15.50, noting a price surge of over 1.02% in the past 24 hours. Its market cap stood at $10.01 Billion, ranked 11th in the overall crypto market.
Binance moved 380.967K LINK to $5.14 Million through two distinct transactions. The platform processed two transactions involving 190.997K LINK valued at $2.92 Million and 189.93k LINK worth $2.9 Million.
Coinbase showed activity on its platform by moving 131.376K LINK worth $2.02 Million during the measurement period.
A single transaction on Coinbase Prime resulted in the transfer of 90.369K LINK or equivalent to $1.39 Million.
Two transactions across Uniswap networks resulted in the transfer of 121.65K LINK worth $1.86 Million while a significant operation involved moving 65.65K LINK equivalent to $1 Million.
The transfer made by MEXC amounted to 150K LINK tokens which equaled a total of $2.28 Million.
A major LINK transfer of 1.778 Million represented a transfer value of $27.19 Million through a single transaction on Gnosis.
These significant transfers by exchanges highlight a major market shift ahead. This often precedes volatility as large-scale movements by major holders significantly influence prices.
LINK Price Rebound Ahead? TD Sequential Prints Bullish Signal
Crypto analyst Ali in his recent post highlighted that Chainlink price could see an upswing as the TD Sequential indicator flashed a buy signal. This signal suggests a potential trend following a significant price decline.
However, Chainlink’s price needs to maintain above the crucial $15 mark to confirm the trend reversal and avoid a false signal which could lead to further declines.
If the rebound materializes, Chainlink could target the next resistance at $16, with more substantial gains possibly pushing it towards $17 or higher as market conditions improve.
Chainlink Price Prediction: What are the Charts Saying?
According to a recent post by AMCrypto, LINK’s price action hints at a formation of an inverted head and shoulders pattern. It suggests that LINK price could see a reversal and may flip the bearish trend.
However, it has been caged inside a falling channel pattern and continued to form the lower high and lower swings and witnessed a decline over 40% this month.
The Relative Strength Index (RSI) line stood at 32 in the oversold region, highlighting that selling pressure may ease up and a potential rebound could be seen ahead.
Following the intraday rise of over 1.10%, the Open Interest (OI) has risen over 1.30%, reflecting a surge in long positions.
The immediate support zones were $14.70 and $14, whereas the resistance zones were $16.70 and $17.50.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
