LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days

Christian Encila

2 years ago

3 mins read

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Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales have on their wallets.

Here’s a quick overview of LINK:

In the short-term, the 4-hour chart of the market shows signs of bullishness
Downturns are still a possibility, thus caution is warranted

However, the token’s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days.

Data from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?

Chart: TradingView

How Optimistic Should Investors Be?

The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.

The token’s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.

JUST IN: $LINK @chainlink now on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs 🐳

We’ve also got $BAT, $OMG & $CHZ on the list 👀

Whale leaderboard: https://t.co/jFn1zIwOBt #LINK #whalestats #babywhale #BBW pic.twitter.com/HYX2DFTJzI

— WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022

Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide support for a potential price increase.

However, on a daily timetable, the situation remains unclear. The RSI values are neutral, followed by the formation of a Bollinger band crunch point. This suggests that a continuation or reversal of the current price movement will occur within the next days.

Due Diligence, The Name Of The Game

The negative order block established on November 7 will also impede the impacts of a potential bullish reversal, limiting LINK bulls to the $7.190 resistance level and not higher.

Although LINK’s risk barometer is quite modest, investors and traders should be cautious still. A spike in exchange net deposits may signal that individuals are preparing to sell their tokens, possibly pushing the price past $6.62.

Nonetheless, if the net deposits have no effect on the price, a market-price long position with a stop loss at $6.4146 will earn some returns.

LINK total market cap at $3.3 billion on the daily chart | Featured image: Mashed, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.