Chainlink’s (LINK) especially in the last 7 days, the recovery has been excellent and, contrary to the market, it has shown double-digit growth. This situation may have triggered a process that could result in the altcoin regaining all its losses since the end of July. However, it would not be wrong to say that despite this bullish outlook, there are some obstacles ahead.
Chainlink Comments
Chainlink’s price has seen a noticeable recovery, and it now looks like the effects of big investor optimism are starting to seep into the price outlook. On the whale side, the first significant buying action has recently been seen since early August. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The charts show that over 3.4 million LINK were purchased in just two days by wallets that own at least 0.1% of the total LINK supply in circulation. This $40 million increase in LINK flow increased the total inflow from 256,000 LINK to over 3.71 million LINK. This suggests that the recent price increase has triggered a surge in confidence among investors.
LINK This increase in inflows, specifically, shows that the recent rally in Chainlink (LINK) has caught the attention of large investors. These investors are now making new moves considering the coin’s upward momentum.
On the other hand, the Relative Strength Index (RSI) shows that LINK is approaching the overbought region. As the consistent accumulation from whales and other investors suggests, the overbought region could be entered soon, but this could also bring some risks.
This can be explained by the fact that as LINK approaches the mentioned level, the possibility of a reversal of the current rally increases. When the overbought region is entered, investors can generally be seen to take profits, and this can bring about corrections.
How Many Dollars is LINK?
Chainlink’s If the price can overcome the resistance in front of it, it can reverse the losses experienced as a result of the price levels seen after the July crash and regain its profitability. This level, calculated as $ 12, has also served as support for a long time in the past.
However, the attempt to break above the $12 zone may fail for now as the RSI reflects that the altcoin is at risk of being overbought. The LINK price rally could reverse and it could also be seen facing consolidation above $9.35.
However, if things go well and the upward momentum does not deteriorate despite approaching the overbought region, it may be seen that the $12 level has become a support, and it may be reflected on the charts that the $13 level has also been exceeded.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
