Chainlink price is trapped between the 200- and 50-day EMAs as horizontal trading continues.

LINK could breach the $7.37 resistance level before a northbound move toward the critical resistance at $7.65.

A daily candlestick close below the 100-day EMA at $7.00 could invalidate the bullish thesis.

Chainlink price (LINK) has been trapped under a critical resistance level for a while, causing the altcoin to trade horizontally as it enjoyed strong downward support. The struggle came amid the indecisive price action from Bitcoin (BTC), which kept several other altcoins in limbo despite the alt season.

Chainlink price eyes 5% gains to escape key barrier

At the time of writing, Chainlink price is at $7.40, after losing 0.77% in the last 24 hours. However, trading activity over the same timeframe is up almost 35% as bulls and bears each push for lead to escape the formidable supplier congestion zone.

Chainlink price is attempting to consolidate above the 200-day Exponential Moving Average (EMA) at $7.37. On the other hand, the 50-day EMA at $7.08, bolstered by the 100-day EMA at $7.00, keeps LINK afloat. Accordingly, downward support is stronger compared to overhead pressure.

If buyer momentum increases, Chainlink price could decisively break above the 200-day EMA and confront the critical resistance level at $7.65. Further north, LINK could break into the $8.00 range by shattering the $8.01 resistance level. In highly bullish cases, the altcoin could extend a neck up to tag the $8.34 resistance level, denoting a 16% ascent from the current price.

Breaking above the aforementioned level could allow Chainlink price to try reclaiming its lost glory before the FTX implosion solidified LINK’s market value below the critical resistance.

On-chain metric supports the bullish case for Chainlink price

Data from IntoTheBlock’s Global In/Out of the Money Around Price (GIOMAP) supports the bullish thesis for Chainlink price. This on-chain metric classifies addresses based on if they are profiting (in the money), breaking even (at the money), or losing money (out of the money) on their positions at the current price.

Based on the chart, Chainlink price sat on relatively robust support. For instance, part of the demand zone described above lies within the $6.34 and $7.00 price range, where approximately 405.71 million LINK were previously bought by roughly 68,540 addresses at an average price of $6.73.

Any attempt to push Chainlink price below the said level would be met by buying pressure from these investors who may want to increase their profits. The resultant demand surge would cause LINK to rise even higher in market value.

On the other hand, if seller momentum increases, Chainlink price could descend and lose the support offered by the 50-day EMA at $7.08. A drop below this supplier congestion level could fuel overhead pressure and increase the chances of LINK breaking below the 100-day EMA at $7.00. A daily candlestick close below this level would invalidate the bullish thesis.

With mounting overhead pressure due to the three EMAs, Chainlink price could suffer a free fall that could see LINK revisit the mid-March lows around the $6.53 support level. In highly extreme cases, the altcoin’s market value could fall through the $5.93 swing low before the possibility of a bounce. Such a drop would constitute a 20% descent from the current level. 

#Binance #chainlink #crypto2023 #BTC #BNB

A widely followed crypto analyst is expecting the current stress test on the digital assets market will be better for crypto in the long run.

Crypto analyst Michaël van de Poppe tells his 651,000 Twitter followers that the crypto markets are breaking and will likely drop before the quarter’s end (QE).

“The markets are breaking, which means that the entire saga around a pivot or pause of the FED policy is going to be taken a fast U-turn.

Two-year yields have been falling from 5% to 4.75% already as an anticipation.

In the meantime; assets will probably drop before QE.”

Despite his prediction, the trader says there is a major silver lining to crypto’s current shakeup.

“Ultimately, crypto and Bitcoin are enduring a stress test with all the negative news kicking in. 

However, from here, crypto will only be adopted even more as people will start to hate governments and banks. 

It’s inevitable.”

Looking at king crypto Bitcoin (BTC) specifically, the trader names a few price points that he’d be interested in trading BTC at.

“Levels I’d be looking at with Bitcoin:

– Potential shorts around $20,600 and/or $21,400.

– Potential longs at $18,100-18,600 including bull. divs and/or HL confirmation.”

Bitcoin is trading for $19,964 at time of writing.

Van de Poppe also analyzes the Ethereum (ETH)-based blockchain oracle Chainlink (LINK). Based on the trader’s chart, he expects LINK to fall a bit more before rebounding.

“Any long I’d like to play at this point for Chainlink has to do with bullish divergences on 4h timeframe before activated.

Constant bearish retests and, my long as well, stops being hit on long side.

Range low seems relatively normal including bull divs.”

#bitcoin #chainlink #koinmilyoner #buildtogether #crypto2023

In a stunning turn of events, Chainlink (LINK) recently witnessed three massive whale transactions that took place within 11 minutes during Friday’s final hours. Leading on-chain analytics platform, Santiment reported the whale transactions involving a whopping 11.6 million tokens, amounting to approximately $79.7 million in value, being moved to whale wallets.

The cryptocurrency community has been abuzz with the news, speculating what could be brewing with Chainlink. For the uninitiated, Chainlink is a decentralized oracle network that connects smart contracts to real-world data and events. The platform has been gaining significant traction among DeFi projects, with many relying on its services to access off-chain data securely.

The whale transactions could signify growing institutional interest in Chainlink, potentially driving its value in the coming weeks. Such large-scale transactions are generally viewed as bullish signals, suggesting that significant investors are accumulating assets in anticipation of a value boost.

Massive LINK Transactions by Whales Triggers Price Surge and Crash

Chainlink (LINK) has been one of the most high-performing cryptocurrencies, with its value surging by over 1,000% in 2020 alone. This impressive performance can be attributed to its unique value proposition and growing adoption among DeFi projects. But, despite its revolutionary potential, LINK has been marred by whale manipulations.

One such incident occurred in July 2020, where a ginormous whale with a wallet containing over 700,000 LINK tokens shook the market by moving funds to various exchanges. This whale-induced frenzy caused LINK to surge to over $8.5 per token, resulting in a 50% price jump in just a few hours. Alas, the whale then offloaded their LINK tokens, causing a price crash that erased most of the gains made during the surge.

The market manipulation was possible due to LINK’s relatively low liquidity, which allowed massive buy or sell orders to substantially impact the price. This incident highlights the pressing need for greater liquidity in the LINK market to thwart such manipulations in the future.

It’s worth noting that such manipulations aren’t an exception in the cryptocurrency market. Regulatory bodies have been established to prevent and prosecute such activities in conventional finance, and it’s only a matter of time before the cryptocurrency market catches up. While it’s yet to be seen whether the LINK transactions were bullish or manipulative in nature, they could as well signify growing institutional interest in Chainlink, potentially driving up its value in the near future. As always, investors are advised to conduct their own research and make informed decisions before investing in any cryptocurrency.

#chainlink #buildtogether #Altcoin #Binance #koinmilyoner

Chainlink (LINK) has seen significant gains in the last few days, with a 4% increase in the past 24 hours. This rise has helped LINK recover from its weekly losses. Currently, the altcoin is sitting on a crucial support level below a significant price barrier.

A breakthrough above this barrier would indicate a shift in price direction. On the daily chart, the technical outlook for LINK is bullish, with buyers showing confidence and demand increasing. Accumulation has also turned positive.

However, like many altcoins, LINK has been unable to break through its immediate resistance marks due to Bitcoin’s indecisive price action.

If Bitcoin manages to reach the $29,000 price zone again, LINK may be able to surpass its overhead ceiling. Until then, LINK needs to be cautious of the $7.30 support line. If it falls below that level, the bullish sentiment may disappear from the charts.

As of writing, LINK is trading at $7.63 with an immediate resistance level of $7.80. If the coin manages to surpass this level, it could potentially reach $8 and secure bullish momentum.

However, LINK needs to breach the crucial resistance at $7.70. This could be achieved through an increase in demand for the coin.

The critical support level for LINK is currently at $7.30. A fall below this level could cause the price to drop to $6.80, which would signal a bearish trend. The amount of LINK traded in the last session was in the green, indicating an increase in buying strength.

As the price of LINK continued to climb on the chart, there was a noticeable increase in buyer confidence. This was reflected in the Relative Strength Index (RSI), which surpassed the half-line and indicated that buying strength had overtaken selling strength in the market.

Additionally, LINK moved above the 20-simple Moving Average (MA), as a further indication of an increase in demand and that buyers were driving the price momentum in the market.

Other technical indicators have also displayed a positive price action for LINK. The Moving Average Convergence Divergence (MACD), which indicates both price momentum and changes has formed green signal bars tied to buy signals for the altcoin. This suggests an upward trend in buying strength.

The Bollinger Bands reads the price volatility and fluctuation. The bands have been wide, indicating that price action could witness significant fluctuation in the upcoming trading sessions.

Despite the positive outlook, broader crypto market strength remains crucial for the altcoin’s price action over the subsequent trading sessions.

#LINK #chainlink #crypto2023 #BTC #BNB

Chainlink has experienced a 10% correction in the past week. An in-depth analysis of historical on-chain data shows that LINK price movements are closely correlated to development activity. Could the recent DeFi boom trigger a price rebound for LINK in the coming weeks?

LINK has gained some traction as investors turn to decentralized finance protocols amid turmoil in the US banking sector.

Chainlink has Intensified Development Activity

Chainlink (LINK) is a blockchain-based decentralized oracle network (DON) that feeds real-world data to DeFi protocols built on smart contracts. Among other factors, the recent LINK rally has been fueled by the spike in demand DeFi products after major collapses in the TradFi banking sector.

As more investors turn to decentralized finance products and services, the host DeFi protocols, in turn, require the auxiliary services provided by Chainlink. The recent rise in the Chainlink development activity to service the growing demand from various DeFi smart contract platforms has highlighted this.

According to on-chain data from Santiment, developer activity on the Chainlink blockchain network has increased by more than 50% since early February. As depicted below, the Chainlink development activity score increased from 164.90 to 251.80 between Feb 2 and March 28.

Chainlink (LINK) Development Activity, March 2023. Source: Santiment

Development activity indicates how much resources are being devoted to improving the network. This could mean adding new features, expanding network capabilities, or deploying bug fixes.

A persistent increase, as observed above, poses a bullish signal. Investors may pile into LINK, expecting that the value added by the increased development activity will positively impact its long-term price performance.

Notably, previous LINK price rallies have often been preceded by a spike in development activity. If this condition holds, LINK holders can expect another price upswing in the coming weeks.

Chainlink Holders are Positioning for More Gains

Another critical on-chain metric that supports this bullish stance is the decline in the supply of LINK tokens on exchanges.

Supply on Exchanges metric tracks the flow of tokens into exchanges when daily outflows are deducted. The number of tokens in recognized exchange wallets has declined persistently since early March, according to Santiment.

As the red line in the chart below depicts, LINK supply on exchanges has reduced from 169.3 million tokens to 158.7 million as of March 28.

Chainlink (LINK) Supply on Exchanges, March 2023. Source: Santiment

When supply on exchanges declines for an extended period, it reduces the number of tokens available to fulfill short-term trades. The relative scarcity caused by holders moving tokens off exchanges could drive up the price of LINK.

Ultimately, if Chainlink developers continue to buidl at the current rate and holders continue to move tokens off exchanges, crypto investors can expect a prolonged LINK price rally.

LINK Price Prediction: $9.0 is a Viable Target

The Exchange Market Depth data compiled by IntoTheBlock depicts that Chainlink could experience some difficulty breaking above the $7 mark.

At the $7 zone, LINK traders have placed sell orders of about 66 million tokens. But if LINK can clear this zone, the next significant resistance will be around $8.2, where LINK traders have offered another 30 million tokens for sale.

Chainlink (LINK) Exchange Market Depth, March 2023. Source: IntoTheBlock

Still, the bears can invalidate the bullish outlook if Chainlink slips below the 277 million buy wall at $6.22. However, if that support does not stop the slump, LINK holders can expect a further downswing to $5.2, where another 17 million buy orders can offer support.

#chainlink #LINK #Binance #crypto2023 #cryptotrading

Chainlink (LINK) has been trending in the bearish zone than the bullish over the past 24 hours. But while its price has fallen by 3.12% within this period, the daily chart shows a slight recovery after LINK previously marked significant gains depicting intense momentum.

The current value of LINK indicates that the token has seen some growth in its price since the start of 2023. On January 1, LINK was trading at a $5.57 price.

By January 9, the token had already crossed the $6.0 level. Since then, it has been hovering below $9 and a little over the $5.9 price level. Some technical indicators may suggest LINK’s future price action.

Chainlink (LINK) Plunged To New Support Level

Chainlink has shown some positive price movements over the last week. However, its price action as of yesterday was not promising as the token fell below the $8 price mark. According to data from the 1-day chart, LINK created a long red bar. 

Related Reading: Bitcoin Korea Premium Index Shows Signs Of Selling, Pullback Soon?

The bearish price movements brought its price to a new support level at $7.482144, which was formerly a resistance level until the recent breakout.

The token started trading at $8.5755 yesterday but failed to make any significant progress, as its price continued to decline throughout the day. It eventually fell to the day’s closing price of $7.7704, a 9.39% decline throughout the period.

LINK’s price decline can be attributed to the plunge of the broader crypto market on April 19. Major digital assets, including Bitcoin and Ethereum, dipped significantly throughout yesterday. Meanwhile, the market has made a slight recovery following yesterday’s downturn.

Currently, LINK’s 24-hour trading volume is down by 26.64%, as it stands at $419,703,269, a notable difference from yesterday’s value of $543,475,883.

At the time of writing, Chainlink trades at $7.891. Its price movements currently display a slight recovery from yesterday’s plunge, even though its 24-hour price change still shows a 3.12% decline.

What’s Next For LINK?

Chainlink is making a green bar after the huge red candle it made yesterday. The present price action indicates a recovery from its fall within the last 48 hours.

Chainlink price is currently above the 50-day and 200-day Simple Moving Averages (SMA), signaling more bullish sentiments than bearish. While the Relative Strength Index (RSI) still holds a neutral position at 54, there could be more buying pressure with time, given the current bullish sentiments of the market.

Moreover, the token created a new support level at $7.748 following the breakout from that position a few days back. For now, a notable resistance level holds at $8.398, with some support levels at $7.7482144, $6.4398324, and $5.9064793.

#Binance #crypto2023 #link #chainlink #altcoins