Chainlink (LINK) Price Crashes 7.5%, Another 15% Drop Ahead?
The overall cryptocurrency market seems bearish. During this period, some investors saw opportunities and accumulated tokens, while others panicked and sold their shares.
610,000 links sent to communication
Recently, a well-known crypto expert shared an article on X (formerly Twitter) that shows that crypto whales have transferred nearly 610,000 chain (link) tokens to the exchange in the past 24 hours, indicating Sales pressure has increased.
https://twitter.com/ali_charts/status/1894444487777664369086
Current price motivation
The massive transfer of link tokens has resulted in a significant price drop. At press time, Link’s trading price was close to $15, down more than 7.50% in the past 24 hours. However, during the same period, its trading volume soared by 160%, indicating an increase in traders and investors’ participation compared to the previous day.
The surge in transaction volume may be due to the collapse of extended merger areas and changes in price action.
Chain Links (Links) Technical Analysis and Upcoming Levels
According to expert technical analysis, the link appears to be bearish and is expected to fall further. Within the daily time range, the link is extended over a longer range. However, as market sentiment changes, assets failed to hold the area, breaking through consolidation and experiencing substantial declines.
Judging from price action and historical momentum, Link seems to have found $15 support. If that sentiment remains the same and Link shuts down daily candles under $15, there is a good chance that it will drop by 15%, with the next support price of $12.60.
This merger crash has pushed the link to a downward trend. During the integration phase, assets are not only traded within a tight range, but also exceed 200 exponential moving averages (EMAs) within the daily time range. The breakdown below 200 EMA may further explain the bearish trend of the assets.
$8.65 million worth of links leaked
This bearish outlook may be the reason why the whales transfer their link holdings to communication. But, as Chain Analytics reports, some investors and long-term holders have accumulated tokens Small shop.
Data from spot inflows/outflows suggests that over the past 24 hours, the exchange has witnessed link tokens worth more than $8.65 million, indicating potential accumulation.
The massive pouring and accumulation of links by investors, long-term holders and whales reflects the personal emotions of market uncertainty.
