As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the current state of Chainlink (LINK). Despite the whales seemingly amassing LINK tokens, the price has dipped significantly, a phenomenon that often leaves me scratching my head.
On Boxing Day, the price of Chainlink dipped despite large crypto investors amassing significant amounts of the leading oracle project within the cryptocurrency sector.
Chainlink’s price dropped to around $22.90, marking a 12.45% decrease from its peak this week and a 26% decline from its highest point so far this year.
The drop occurred mainly because most digital currencies plummeted, causing Bitcoin‘s price to dip to approximately $95,000, and the total value of all coins in circulation lowered to around $3.3 trillion.
As we have covered before, there are signs that whales have continued accumulating the LINK token. Data by Etherscan shows that one whale moved coins worth $1 million to a private wallet from Coinbase. Another investor made a similar transaction worth $1.3 million, while another moved coins worth $566,000 from Kraken.
After Donald Trump’s World Liberty Financial amassed over $1.8 million worth of Chainlink tokens, these token movements transpired. Additional information indicates that the outflow of Chainlink tokens towards exchanges has reversed, suggesting further accumulation. The net outflow dropped to a record low of 677,000 tokens in recent weeks.
In simple terms, Chainlink has earned a significant role within the crypto world. It offers its oracle services to major names in the decentralized finance sector, including Aave and Compound.
Chainlink initiated the Cross-Chain Token (CCT) standard, which simplifies token transfers between different blockchains via the Cross-Chain Interoperability Protocol. Notably, prominent cryptocurrencies such as Shiba Inu, Turbo, and Neiro have adopted this CCT system.
Chainlink price forms H&S pattern
Over the past four hours, the value of LINK reached a high of $30.93 before dropping to its current level of $22.7. Now, there’s a developing trend that resembles a head and shoulders pattern, a commonly observed reversal signal. The neckline for this pattern is at approximately $20.36. The ‘head’ of this pattern corresponds to the high of this month ($30.93), while the ‘shoulder’ can be found around $26. This suggests a potential change in trend direction.
The price of Chainlink has fallen beneath its 50-day Exponential Moving Average and is trending downward, suggesting a predominantly bearish outlook for the coin. A key level to keep an eye on is $20.36; if it falls below this point, the price could drop to around $13.3, which is approximately 41% lower than its current value. However, this bearish forecast may be negated if the price manages to rise above the resistance level at $26.
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2024-12-26 17:18