LINK Still On Whales’ Shopping Cart Despite Dismal Performance

News BTC

Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales have on their wallets.

Here’s a quick overview of LINK:

  • In the short-term, the 4-hour chart of the market shows signs of bullishness
  • Downturns are still a possibility, thus caution is warranted

However, the token’s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days.

How To Get Free Crypto  
Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Data from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?

Chart: TradingView

How Optimistic Should Investors Be?

The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.

The token’s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide support for a potential price increase.

Coinbase Banner  

However, on a daily timetable, the situation remains unclear. The RSI values are neutral, followed by the formation of a Bollinger band crunch point. This suggests that a continuation or reversal of the current price movement will occur within the next days.

Due Diligence, The Name Of The Game

The negative order block established on November 7 will also impede the impacts of a potential bullish reversal, limiting LINK bulls to the $7.190 resistance level and not higher.

Although LINK’s risk barometer is quite modest, investors and traders should be cautious still. A spike in exchange net deposits may signal that individuals are preparing to sell their tokens, possibly pushing the price past $6.62.

Nonetheless, if the net deposits have no effect on the price, a market-price long position with a stop loss at $6.4146 will earn some returns.

FreeBitcoin Banner  

LINK total market cap at $3.3 billion on the daily chart | Featured image: Mashed, Chart:

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.