Interest in whales is a bullish indicator and LINK is pulling the whales to its side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that Whales they have in their wallets.
Here’s a quick overview of LINK:
In the short term, the 4-hour chart of the market shows signs of a bullish trend Recessions remain a possibility, so caution is warranted
However, the value of the token has not yet reflected this. According to data from Coingecko, LINK is trading at $6.62, down 11.3% in the last seven days.
CryptoQuant data suggests LINK reserves on exchanges are low, while exchange netflow estimates suggest users are depositing LINK tokens. Is this a precursor to much bigger market turmoil?
How bullish should investors be?
The charts demonstrate a significant uptrend with some explanations as to why, despite market forces being bearish at the time of writing.
The RSI values of the token are oversold in a 4-hour period, indicating that a market reversal could occur in the next few days.
— WhaleStats (crypto whale tracking) (@WhaleStats) December 10, 2022
The previous price action also formed a harmonic, increasing the likelihood of a bullish retracement. A block of bullish orders that emerged on November 28 may provide support for a possible price increase.
However, on a daily schedule, the situation remains unclear. RSI values are neutral, followed by the formation of a critical point of the Bollinger band. This suggests that a continuation or reversal of the current price movement will occur in the coming days.
Due diligence, the name of the game
The negative order block set on November 7 will also prevent the impacts of a potential bullish reversal, limiting LINK bulls to the $7,190 resistance level and no higher.
Although LINK’s risk barometer is quite modest, investors and traders should still be cautious. An increase in net exchange deposits may indicate that people are preparing to sell their tokens, possibly pushing the price above $6.62.
However, if the net deposits have no effect on the price, a long position at market price with a stop loss of $6.4146 will generate some returns.
LINK’s total market cap at $3.3 billion on the daily chart | Featured Image: Mash, Chart: TradingView.com
This post LINK is still in the whales’ shopping cart despite its dismal performance
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