Jump to content

Will Chainlink Bounce Back? Insights into Recent Trends


Recommended Posts

The Sleeping Giant Wakes Up: Chainlink (LINK) Price Eyes for a 20% Rise  After the Latest Rebound
Chainlink (LINK) is currently facing bearish on-chain movements as the asset experiences another dip. Many investors appear to be taking profits or offsetting losses, raising concerns about its future.

Recent Performance

Chainlink had a strong September, increasing from $9 to $13 over the last three weeks, while the broader crypto market struggled. However, October has started on a downward trend, with LINK falling sharply to around the $10 mark.

Current Indicators

As LINK attempted to recover over the past two weeks, on-chain indicators suggest a potential decline:

ChainLink could see another sell wave despite price fall - 1

  • Active Addresses: According to IntoTheBlock data, the number of daily active addresses (DAA) in profit increased from 155 to 600 last week as LINK surpassed $12. This surge indicates that some investors might be looking to take profits amidst price volatility.

  • DAA in Loss: Interestingly, the number of daily active addresses in loss also rose from 222 on October 20 to 263 on October 22. This suggests that long-term holders may be selling to offset their losses.

Both trends hint that LINK's bullish momentum may face a sell-off soon.

Whale Activity

Another noteworthy point is the increase in whale transactions. Data shows that transactions involving at least $100,000 worth of LINK rose from 54 on October 19 to 134 on October 22, amounting to a total of $361 million in the past week.

This uptick in whale activity typically signals heightened price volatility.

Current Market Status

As of now, LINK is trading at $11.41, reflecting a decline of 0.45% in the past 7days as per Coinpedia Markets data. The asset's market cap stands at approximately $7.38 billion, with a daily trading volume of $320 million.

image.thumb.png.752bc504806cfc3a45383fd456bae584.png

Given the recent trends and market movements, Chainlink appears to be at a critical juncture. Investors should keep an eye on these developments and consider reading our detailed Chainlink price prediction article for more insights.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Hi IG, I'm wanting to automate monthly trades of xx amount into an ETF of my choice from my bank account directly. Does IG Markets support this ability? It would be good to do this instead of having to do it manually. Set and forget. Cheers Tom
    • Elliott Wave Analysis TradingLounge Binance/ U.S. dollar(BNBUSD) BNBUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave (3) Direction Next higher Degrees: wave ((3)) of Impulse Wave Cancel invalid level: Details: Wave 3 is likely to be 161.8% of wave 1. Binance/ U.S. dollar(BNBUSD)Trading Strategy: The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 2 and The price action remains in an uptrend, and we are looking for a re-entry into the trend. Binance/ U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum. Binance/ U.S. dollar(BNBUSD) BNBUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave (3) Direction Next higher Degrees: wave ((3)) of Impulse Wave Cancel invalid level: Details: Wave 3 is likely to be 161.8% of wave 1. Binance/ U.S. dollar(BNBUSD)Trading Strategy: The correction in wave 2 seems to be over so we focus on the five-wave rally of wave 2 and The price action remains in an uptrend, and we are looking for a re-entry into the trend. Binance/ U.S. dollar(BNBUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, The Wave Oscillator is a Bullish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Ttadinglounge.com get trial here!  
    • The realm of decentralized finance (DeFi) has been buzzing with the rise of innovative solutions designed to optimize user experiences and maximize returns. One such mechanism, liquid staking, allows users to stake their assets while still receiving liquid tokens. Leading platforms such as Lido Finance and Rocket Pool have pioneered this trend, enabling users to earn staking rewards without sacrificing liquidity. Entering this competitive landscape is Swell Network, which offers a fresh perspective. Swell Network is making waves with its innovative protocols aimed at maximizing yield potential for stakeholders. Having secured $3.75 million in a seed funding round, Swell plans to launch its Ethereum layer-2 chain in the second half of 2024. The network is also planning several events like the community campaign, Launchpool, PoolX etc with major centralized exchanges (CEXs) like Bitget and even premarket trading opportunities. The recent 2000x in the span of 3 days have made Swell a token to keep an eye on!  Do you think the combination of these events propelled its recent good price action?
×
×
  • Create New...
us