The number ChainLink addresses holding 1k or more LINK has increased by 445 in one month
Such accumulation by whales is usually a precursor to a price increment for any digital asset
LINK is consolidating at the $13 price area after a brief drop to $12.50
$12 is still a strong support zone for ChainLink
The 50-day moving average could provide an area for a bounce towards $14
The number of ChainLink addresses holding 1,000 LINK or more has seen an increment of 445 in the past one month. This is according to data from the team at Santiment feed who also pointed out that such accumulation by LINK whales could be a precursor to a price increment in the days to follow.
The team at Santiment shared their analysis via the following statement and accompanying chart demonstrating an increment in LINK whales.
The amount of high-end #Chainlink investors continue to grow, according to our ‘Holder Distributions’ data. There are 445 more addresses holding 1,000 or more $LINK (currently at least $13,950), compared to last month. The behavior of whale holders tends to be among the best leading price indicators on @santimentfeed, and the rise is encouraging following the drop in whale addresses in late October (coinciding with $LINK‘s drop).
ChainLink Consolidates at $13 After a Drop to $12.50
In terms of price action, ChainLink is in a downtrend after posting a local peak of $16.43 on the 24th of November. At the time of writing, LINK is trading at $13.20 after dropping to the $12.50 price level late yesterday. The $12 price area continues to be a strong level of support for ChainLink.
From the daily LINK/USDT chart above, the following can be observed.
Trade volume is reducing and in the red thus confirming a downtrend
MACD is bearish above the baseline
The daily MFI and RSI are at 60 and 45 respectively. These two indicators are also confirming that LINK is in a correction
Chainlink’s 50-day moving average is providing support at its current price
The 100-day moving average coincides with the earlier mentioned $12 support level
If the above two moving averages fail, ChainLink could very well be on a path towards the 200-day moving average around the $10 psychological support area
Summing it up, ChainLink is in the midst of correction that could see LINK retesting $12 or even $10 in the days to follow. However, the 50-day moving average offers adequate support at LINK’s current levels and could provide an avenue for a bounce to $14 in the short term.
As with all analyses of altcoins such as LINK, investors and traders are reminded to have an eye out for any sudden movements by Bitcoin that might cause ChainLink to dip further.