Chainlink (LINK) Whales Increase Position
The potential rise of Chainlink (LINK) stands at $ 11, but the increase in buying pressure will be decisive for this hurdle.Chainlink is currently trading below a critical resistance level. Failing to pass this resistance level can be disastrous for the cryptocurrency . Because market participants will probably ignite FOMO if this level is not exceeded.
Critical Resistance in Front of Chainlink
Chainlink has remained in a downtrend for the past two months, and since the beginning of September, the 50-day moving average has stood as an obstacle to the start of the potential rise of the coin. Since then, LINK has faced a significant rejection every time it approached the stated resistance level.
Over the past week, LINK bulls have tried to cross the 50-day moving average several times, but unfortunately they have not been successful. Also, the increase in selling pressure continues to push the coin towards the $ 8 level, the 200-day moving average.
According to data provided by IntoTheBlock, there were approximately 30 million LINK sales between $ 10 and $ 10.4. Such a significant trade wave could be a barrier to the cryptocurrency’s fall, but with the barrier breaking, LINK is inevitable to drop to the $ 8 level.
About 7,000 addresses cost 20 million LINK between $ 10.7 and $ 11. Therefore, a daily candlestick close above this price range may distort the bearish outlook and lead to a breakout.
The Whales Continue to Buy
Investors, popularly known as “whales” and having millions of dollars of investment in Chainlink, continued to increase positions last week. According to data provided by Santiment, there has been an increase in the number of addresses holding 10,000 to 100,000 LINK in their wallet since October 15, and about 49 new honeys have joined the network. This shows a 1.7% increase in the total number of whales .
Given Chainlink’s growing buying pressure, much attention should be paid to the overall resistance and underlying support. A daily candlestick above $ 11 or below $ 10 will determine which direction the coin will break.