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Whales Help Halt Chainlink’s Recent Downward Trend As They Buy Up Tokens

21 октября, 2020


Chainlink’s upward potential is capped at 11 USD, however, a hike in buying pressure might be enough to break through this obstacle.

Talking Points:

  • Chainlink could be on the brink of another rejection from the 50-day moving average.
  • While the 10 USD level appears to be working as strong support, breaching through it may prompt a fall towards 8 USD.
  • In spite of the high likelihood of a correction, on-chain data indicates that the buying pressure supporting the cryptocurrency is rallying.

At present Chainlink is trading below a vital resistance level. Failing to break through this could be catastrophic for the decentralized token, but if it is able to break through is likely to trigger a fear of missing out (FOMO) among traders.

Major Resistance on the horizon for Chainlink.

Chainlink has been caught up in a downward trend over the last couple of months. And since the start of September, the 50-day moving average has managed to prevent the token from achieving its upward potential.

Each time the token has reached this resistance level, a large rejection follows.

Last week, LINK bulls again attempted to break through the 50-day moving average on numerous occasions. But, this obstacle continues to hold, implying that a correction is underway.

An additional peak in the selling pressure may see this token’s price fall towards the 200-day moving average, at 8 USD.

LINK/USD Daily Chart.

Chart created using https://www.tradingview.com/

Despite the high likelihood of a major decline, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model shows that Chainlink sits on a huge supply barrier. Based on this on-chain data, nearly 3,500 traders had previously purchased almost 30 million LINK between 10 and 10.4 USD.

Such a key zone of interest might have the strength to keep the falling prices under control. Traders within this zone could even buy more tokens to avoid watching their investments go into the red.

However, if the 10-10.4 USD support fails to hold, the chance for a downturn to 8 USD will radically increase.

Almost 7,000 traders are holding 20 million LINK between 10.7 and 11 USD. Therefore, only a daily candlestick close over this price zone could threaten the bearish sentiment and prompt a breakout.

Whales Buy Up Cheap Tokens.

It is worth a mention that investors with millions of dollars in Chainlink, known as “whales,” have been increasing their holdings in the token over the previous week.

Santiment’s holder distribution chart highlights that since the 15th of October, the volume of traders holding 10,000 to 100,000 LINK skyrocketed. Approximately 49 new whales have joined the market, representing a 1.7% rise over the short term.

Given Chainlink’s increasing buying pressure, it is important to keep an eye on the overhead resistance and the underlying support. A daily candlestick close over 11 USD or below 10 USD will highlight where the cryptocurrency is moving next.