Quick take:
- The number of ChainLink whales with 10 Million or more LINK has increased from 9 to 10
- ChainLink whales and LINK marines are still accumulating with no capitulation in sight
- LINK Marines are confident of the long term future of Chainlink
- The $12 price area is providing adequate support for ChainLink
The number of Chainlink whales holding 10 million or more LINK has increased by one from 9 to 10. This is according to the team at Santiment who went on to point out that Chainlink investors are staying true to their reputation of hodling. Furthermore, there is no evidence of investor capitulation as the alt-coin market gets pummelled by a pumping Bitcoin. The team at Santiment shared their observation of ChainLink investors via the following statement.
The amount of large addresses holding #Chainlink has grown, with no capitulation signs despite this #altcoin dip…10M+ holders…increased from 9 to 10 yesterday. $LINK marines appear to be holding true to their patient reputation.
LINK Marines Continue Accumulating
In general, Chainlink holders have continued to add to their LINK bags in a manner that shows their confidence in the long-term future of the project. Below is a chart shared by crypto-community member @crypto_mystery, demonstrating the continual accumulation of ChainLink by LINK marines.
$12 Price Area Offers Adequate Support for ChainLink
In terms of value, ChainLink has once again found adequate support at the $12 price zone. Earlier today, ChainLink (LINK) dropped to as low as $11.80 due to a crypto-wide sell-off before bouncing back above $12. At the time of writing, Chainlink is trading at $12.30 in what looks like a shaky crypto market brought about by a volatile Bitcoin.
To further get a feel of what the future holds for Chainlink, the following daily LINK/USDT chart shall be used.
From the chart above, the following can be observed.
- Daily trade volume is in the red with the MACD crossing in a bearish manner around the baseline
- Both the daily MFI and RSI indicate that Chainlink is in the midst of a correction
- The 100-day (yellow) and 200-day (green) moving averages provide support at approximately $12 and $10.50 respectively
- The 200-day moving average has not been broken since the beginning of the year demonstrating that Chainlink is in an uptrend on a macro level
Summing up the technical analysis, ChainLink’s short term fate – like most altcoins – is very much tied to that of Bitcoin. If the King of Crypto moves aggressively in either direction, Chainlink will be affected in a negative manner. Therefore, a wait and see approach is advised for Chainlink bulls at least till the expiry of Bitcoin futures and options later this week.