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    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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    Time to Buy LINK? $75M in Chainlink Moves to Crypto Wallet

    LINK, the native token of Chainlink, is currently making waves in the cryptocurrency realm with increasing interest from whales and long-term holders, as reported by the on-chain analytics firm Coinglass.

    The on-chain metrics for LINK’s spot inflow/outflow reveal that exchanges have witnessed a significant outflow of $75 million worth of LINK. Further data indicates that this notable outflow occurred over the past three trading days.

    LINK's spot inflow/outflow
    Source: Coinglass

    In the cryptocurrency context, โ€œoutflowโ€ refers to the movement of assets from exchanges to wallets, indicating that long-term holders are withdrawing tokens. Additionally, this substantial accumulation suggests a potential upside rally and an ideal buying opportunity.

    However, this notable interest from crypto enthusiasts arises during a period when LINK appears to be struggling and has experienced a price decline. 

    Current Price Momentum 

    Currently, LINK is trading near $27.22 and has experienced a price decline of over 5.5% in the past 24 hours. During the same period, the assetโ€™s trading volume decreased by 18%, indicating lower participation from traders and investors compared to previous days.

    Despite the ongoing price decline, on December 18, 2024, a prominent crypto expert posted on X (formerly Twitter) that the TD Sequential indicator is flashing a buy signal for LINK on the four-hour timeframe, suggesting the price could soar to $30.2 in the coming days.

    Currently, LINK has breached a consolidation zone near the support level of $28, shifting market sentiment towards the bearish side. Based on recent price action, if this sentiment persists, there is a strong possibility that LINK could decline by 20% to reach the next support level at $21.75.

    Source: Trading View

    At present, LINK appears to be extremely stretched, as it is significantly far from the 200 Exponential Moving Average (EMA) on the daily timeframe, which hints at a potential uptrend.

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