bullish

2024

Bitcoin

Chainlink

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-focus-on-chainlink-with-significant-purchases/" data-wpel-link="internal">Whales Focus on Chainlink with Significant Purchases</a> 
Chainlink‘s (LINK) price has been in a downtrend since its peak in March. Despite a 7% rise during the 2024 Bitcoin Conference week, it lost all gains within three days. In the last 24 hours, LINK’s price dropped by 3.9% to $12.82. This decline is due to market fluctuations following the Federal Open Market Committee (FOMC) meeting’s decision to keep <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> unchanged. Analysts warn that Chainlink’s LINK needs to cool down before reaching the much-anticipated $16 level. 
<h2 style="text-align: justify" id="strong-chainlink-technical-analysis-strong">Chainlink Technical Analysis</h2> 
LINK‘s price is currently moving within a descending channel and trading below the 50-day (green line) and 200-day (black line) exponential moving averages (EMAs). This indicates a bearish momentum. However, a descending channel formation often signals a bullish reversal. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-376070" src="https://coin-turk.com/wp-content/uploads/2024/08/Altcoin-Chainlink-LINK.jpeg" alt="" width="1280" height="538"> 
The main support levels for Chainlink are set at $11.4 and $10. These levels correspond to the lower boundaries of the descending channel and are historically significant support points. The key resistance levels for price increase are $13.92 (50-day EMA), $14.78 (200-day EMA), and $16.00. 
On June 28, the Chainlink price chart formed a death cross on the daily timeframe, indicating a potential start of a downtrend. The RSI indicator is neutral at 48.45 but slightly trending downwards, suggesting continued short-term bearish pressure. The CMF indicator is at 0.07, indicating positive money flow and limited buying pressure. 
<h2 style="text-align: justify" id="strong-price-prediction-for-chainlink-strong">Price Prediction for Chainlink</h2> 
If Chainlink’s LINK price falls below $10 and fails to reclaim this level, it will signal weakness, invalidating the bullish thesis within the descending channel. In this scenario, the price is expected to find support around $8.11. 
IntoTheBlock‘s <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that Chainlink whales have been accumulating heavily over the past two months. Whale inflows are larger than outflows, indicating potential preparation for a price increase. According to Coingecko’s data, the <a href="https://en.coin-turk.com/how-to-buy-mask-network-coin/" data-wpel-link="internal">altcoin</a>‘s trading volume has slightly increased by 4% and remained generally stable. A significant increase in trading volume is needed to confirm an exit from the descending channel. Without a volume increase, LINK’s price is expected to continue its downtrend. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-focus-on-chainlink-with-significant-purchases/" data-wpel-link="internal">Whales Focus on Chainlink with Significant Purchases</a></h5>
The post <a href="https://en.coin-turk.com/whales-focus-on-chainlink-with-significant-purchases/" data-wpel-link="internal">Whales Focus on Chainlink with Significant Purchases</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Whales Focus on Chainlink with Significant Purchases

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