{"id":13869,"date":"2022-12-12T16:53:47","date_gmt":"2022-12-12T20:53:47","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=13869"},"modified":"2022-12-12T16:53:47","modified_gmt":"2022-12-12T20:53:47","slug":"link-still-on-eth-whales-shopping-cart-despite-dismal-performance-in-last-7-days","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/12\/link-still-on-eth-whales-shopping-cart-despite-dismal-performance-in-last-7-days\/","title":{"rendered":"LINK Still On ETH Whales\u2019 Shopping Cart Despite Dismal Performance In Last 7 Days"},"content":{"rendered":"

Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales<\/a> have on their wallets.<\/p>\n

Here\u2019s a quick overview of LINK:<\/p>\n

In the short-term, the 4-hour chart of the market shows signs of bullishness
\nDownturns are still a possibility, thus caution is warranted<\/p>\n

However, the token\u2019s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3%<\/a> in the last seven days.<\/p>\n

Data<\/a> from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?<\/p>\n

<\/h2>\n

How Optimistic Should Investors Be?<\/h2>\n

The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.<\/p>\n

The token\u2019s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.<\/p>\n

\u00a0<\/p>\n

JUST IN: $LINK<\/a> @chainlink<\/a> now on top 10 purchased tokens among 1000 biggest #ETH<\/a> whales in the last 24hrs <\/p>\n

We\u2019ve also got $BAT<\/a>, $OMG<\/a> & $CHZ<\/a> on the list <\/p>\n

Whale leaderboard: https:\/\/t.co\/jFn1zIwOBt<\/a>#LINK<\/a> #whalestats<\/a> #babywhale<\/a> #BBW<\/a> pic.twitter.com\/HYX2DFTJzI<\/a><\/p>\n

\u2014 WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022<\/a><\/p>\n

Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide support for a potential price increase.<\/p>\n

However, on a daily timetable, the situation remains unclear. The RSI values are neutral, followed by the formation of a Bollinger band crunch point. This suggests that a continuation or reversal of the current price movement will occur within the next days.<\/p>\n

Due Diligence, The Name Of The Game<\/h2>\n

The negative order block established on November 7 will also impede the impacts of a potential bullish reversal, limiting LINK bulls to the $7.190 resistance level and not higher.<\/p>\n

Although LINK\u2019s risk barometer is quite modest<\/a>, investors and traders should be cautious still. A spike in exchange net deposits may signal that individuals are preparing to sell their tokens, possibly pushing the price past $6.62.<\/p>\n

Nonetheless, if the net deposits have no effect on the price, a market-price long position with a stop loss at $6.4146 will earn some returns.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Whale interest is a bullish indicator and LINK is sweeping the whales to their side. According to crypto whale tracker WhaleStats, the token is part of the top 10 cryptocurrencies that whales<\/a> have on their wallets.<\/p>\n

Here\u2019s a quick overview of LINK:<\/p>\n

In the short-term, the 4-hour chart of the market shows signs of bullishness
\nDownturns are still a possibility, thus caution is warranted<\/p>\n

However, the token\u2019s value has not yet reflected this. According to data by Coingecko, LINK is trading at $6.62, down 11.3%<\/a> in the last seven days.<\/p>\n

Data<\/a> from CryptoQuant suggests that LINK reserves on exchanges are low, while estimates from exchange netflow suggest users are depositing LINK tokens. Is this a precursor to much greater market turmoil?<\/p>\n

<\/h2>\n

How Optimistic Should Investors Be?<\/h2>\n

The charts demonstrate significant bullishness with a few explanations why, despite the fact that market forces are bearish as of writing.<\/p>\n

The token\u2019s RSI values are oversold on a 4-hour timeframe, indicating that a market reversal might occur over the next few days.<\/p>\n

\u00a0<\/p>\n

JUST IN: $LINK<\/a> @chainlink<\/a> now on top 10 purchased tokens among 1000 biggest #ETH<\/a> whales in the last 24hrs <\/p>\n

We\u2019ve also got $BAT<\/a>, $OMG<\/a> & $CHZ<\/a> on the list <\/p>\n

Whale leaderboard: https:\/\/t.co\/jFn1zIwOBt<\/a>#LINK<\/a> #whalestats<\/a> #babywhale<\/a> #BBW<\/a> pic.twitter.com\/HYX2DFTJzI<\/a><\/p>\n

\u2014 WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022<\/a><\/p>\n

Previous price action has also formed a harmonic, which increases the likelihood of a bullish pullback. A bullish order block that emerged on November 28 can potentially provide support for a potential price increase.<\/p>\n

However, on a daily timetable, the situation remains unclear. The RSI values are neutral, followed by the formation of a Bollinger band crunch point. This suggests that a continuation or reversal of the current price movement will occur within the next days.<\/p>\n

Due Diligence, The Name Of The Game<\/h2>\n

The negative order block established on November 7 will also impede the impacts of a potential bullish reversal, limiting LINK bulls to the $7.190 resistance level and not higher.<\/p>\n

Although LINK\u2019s risk barometer is quite modest<\/a>, investors and traders should be cautious still. A spike in exchange net deposits may signal that individuals are preparing to sell their tokens, possibly pushing the price past $6.62.<\/p>\n

Nonetheless, if the net deposits have no effect on the price, a market-price long position with a stop loss at $6.4146 will earn some returns.<\/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-13869","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\/13869","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=13869"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/13869\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=13869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=13869"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=13869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}