Chainlink Price Increases 8.64% Amid Bitcoin’s Market Recovery
Bitcoin surpassed $96,000 with a 5.87% increase in the last 24 hours, positively impacting the crypto market. Chainlink rose by 8.64%, currently trading at $19.85, yet remains below the $20 level with a market cap of $12.68 billion.
LINK Price Analysis
Chainlink's price is forming a falling wedge pattern on the 4-hour chart. Key points include:
- Support at $18 and resistance at $19.35.
- Current trading near the 50 EMA line suggests potential buying opportunities.
Whale Activity
Over the past week, significant offloading occurred among Chainlink whales:
- Total holdings decreased from $23.82 billion to $19.13 billion.
- Holdings over $10 million dropped from $17.68 billion to $13.98 billion.
- Smaller holdings also showed declines, indicating notable selling pressure.
Future Outlook
Despite whale offloading, Chainlink shows bullish divergence in the RSI, suggesting a potential recovery rally. Key resistance levels to watch are:
- $21.78
- $26.10
- $30.73
Support remains strong at $18. A breakout could lead to significant upward movement, contingent upon continued market recovery.