{"id":11505,"date":"2022-11-08T12:55:28","date_gmt":"2022-11-08T16:55:28","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11505"},"modified":"2022-11-08T12:55:28","modified_gmt":"2022-11-08T16:55:28","slug":"chainlink-link-rejected-at-9-20-but-picks-up-steam-levels-to-watch","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/08\/chainlink-link-rejected-at-9-20-but-picks-up-steam-levels-to-watch\/","title":{"rendered":"Chainlink (LINK) Rejected At $9.20 But Picks Up Steam \u2013 Levels To Watch"},"content":{"rendered":"

While the broader crypto market is currently trying to recover from the shock surrounding FTX<\/a> and the accompanying fears of a contagion effect, Chainlink has recorded the highest price increase within the top-100 by market cap within the last 24 hours.<\/p>\n

At press time, the LINK price was up 6.2% from the previous day, trading at $8.71. Over the past seven days, Chainlink has even posting a whopping plus of around 13%. Trading volume has grown to $1.435 billion in the last 24 hours, up 161% from the previous day.<\/p>\n

According to on-chain analysis service Santiment, the LINK price has risen to just above $9.20 for the first time since August 13, a 3-month high despite very volatile markets. The data aggregator believes the reason for the surge is the large volume of active LINK addresses for the past 5 weeks.<\/p>\n

Chainlink active addresses surging for the last five weeks. Source: Santiment<\/a><\/p>\n

Chainlink (LINK) Showing Strength<\/h2>\n

Back on October 30, Santiment wrote that whales \u201cgot pretty active this weekend\u201d after the LINK price cracked the $8 mark a couple of times. Santiment wrote<\/a>:<\/p>\n

Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th.<\/strong><\/p>\n

By the end of October, the number of wallets with more than 100,000 LINK aka whales has increased to 459. This is the highest level since 2017.<\/p>\n

A look at the 1-day chart reveals that Chainlink (LINK) stopped just shy of the important $9.53 level today. LINK broke through this level to the downside on May 09. In the 1-day chart, the price bounced off this mark for the third time over the last six months.<\/p>\n

At the current level, LINK is trading well above the 100- and 200-day simple moving average (SMA). In addition, the LINK\/USD pair is about to form a golden cross, which is often a bullish technical sign. It is formed whenever the chart\u2019s 50-day moving average line crosses the 200-day moving average line from the bottom to the top.<\/p>\n

The RSI is neutral at 63. If LINK manages to punch through the key $9.53 level in the next few days, the next major resistance could be in the $12.30 region.<\/p>\n

Chainlink rejected at the $9.50 region. Source: TradingView<\/a><\/p>\n

Anonymous trader Kaleo with 500,000 followers noted, \u201cThe accumulation base for the $LINK USD chart is so clean \u2013 though I attribute the HTF resistance breakout to BTC moving more than anything else, I still wouldn\u2019t fade it. Those type of moves are typically the precursors to the BTC pair outpacing.\u201d<\/p>\n

The popular analyst also says that LINK\/BTC has bounced back off higher time frame support, suggesting that LINK will outperform Bitcoin over the upcoming weeks.<\/p>\n

$LINK<\/a> \/ $BTC<\/a> pair continuing to pick up steam pic.twitter.com\/q4mw8YXqjo<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) November 7, 2022<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

While the broader crypto market is currently trying to recover from the shock surrounding FTX<\/a> and the accompanying fears of a contagion effect, Chainlink has recorded the highest price increase within the top-100 by market cap within the last 24 hours.<\/p>\n

At press time, the LINK price was up 6.2% from the previous day, trading at $8.71. Over the past seven days, Chainlink has even posting a whopping plus of around 13%. Trading volume has grown to $1.435 billion in the last 24 hours, up 161% from the previous day.<\/p>\n

According to on-chain analysis service Santiment, the LINK price has risen to just above $9.20 for the first time since August 13, a 3-month high despite very volatile markets. The data aggregator believes the reason for the surge is the large volume of active LINK addresses for the past 5 weeks.<\/p>\n

Chainlink active addresses surging for the last five weeks. Source: Santiment<\/a><\/p>\n

Chainlink (LINK) Showing Strength<\/h2>\n

Back on October 30, Santiment wrote that whales \u201cgot pretty active this weekend\u201d after the LINK price cracked the $8 mark a couple of times. Santiment wrote<\/a>:<\/p>\n

Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th.<\/strong><\/p>\n

By the end of October, the number of wallets with more than 100,000 LINK aka whales has increased to 459. This is the highest level since 2017.<\/p>\n

A look at the 1-day chart reveals that Chainlink (LINK) stopped just shy of the important $9.53 level today. LINK broke through this level to the downside on May 09. In the 1-day chart, the price bounced off this mark for the third time over the last six months.<\/p>\n

At the current level, LINK is trading well above the 100- and 200-day simple moving average (SMA). In addition, the LINK\/USD pair is about to form a golden cross, which is often a bullish technical sign. It is formed whenever the chart\u2019s 50-day moving average line crosses the 200-day moving average line from the bottom to the top.<\/p>\n

The RSI is neutral at 63. If LINK manages to punch through the key $9.53 level in the next few days, the next major resistance could be in the $12.30 region.<\/p>\n

Chainlink rejected at the $9.50 region. Source: TradingView<\/a><\/p>\n

Anonymous trader Kaleo with 500,000 followers noted, \u201cThe accumulation base for the $LINK USD chart is so clean \u2013 though I attribute the HTF resistance breakout to BTC moving more than anything else, I still wouldn\u2019t fade it. Those type of moves are typically the precursors to the BTC pair outpacing.\u201d<\/p>\n

The popular analyst also says that LINK\/BTC has bounced back off higher time frame support, suggesting that LINK will outperform Bitcoin over the upcoming weeks.<\/p>\n

$LINK<\/a> \/ $BTC<\/a> pair continuing to pick up steam pic.twitter.com\/q4mw8YXqjo<\/a><\/p>\n

\u2014 K A L E O (@CryptoKaleo) November 7, 2022<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-11505","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=11505"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11505\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11505"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}