Chainlink Price Prediction: LINK remains bullish despite short-term sell-off as whales hold strong


  • Chainlink price plummeted by 40% in the past 48 hours touching $20.8.
  • LINK whales haven't sold, which indicates they feel confident in the digital asset. 
  • Chainlink aims for a massive rebound towards $36.

Chainlink suffered a major drop just like the rest of the market, falling from a high of $34.2 to a low of 20.8 in less than 36 hours. Despite the significant sell-off, whales haven't sold their holdings and remain confident in the digital asset. 

Chainlink price faces one critical resistance level before a jump to $36

On the 12-hour chart, LINK bulls have defended the 100-SMA support level two times in a row and now aim to crack the 50-SMA resistance point. A breakout above this level could quickly drive Chainlink price towards $36 as there is almost no resistance above.

link price

LINK/USD 12-hour chart

The most significant factor in favor of the bulls is that whales haven't sold during the last sell-off. Since February 11, the number of whales holding between 100,000 and 1,000,000 LINK coins ($2,700,000 and $27,000,000) actually increased by one. 

link price

LINK Holders Distribution

The In/Out of the Money Around Price (IOMAP) model adds a lot of credence to the bullish outlook above as it shows no significant barriers above $28, which is the 50-SMA resistance level. 

link price

LINK IOMAP chart

However, there is only one significant support area between $26.27 and $27 with 27 LINK coins in volume from 11,620 addresses. Losing this massive support area could quickly drive Chainlink price down to $23. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC struggles, while ETH dominates and XRP pursues $2

Bitcoin price having trouble shaking the magnet effect of a critical intermediate-term moving average, despite broader strength in the cryptocurrency market. 

More Crypto News

Ethereum Classic looks primed to retrace following 260% rally

Ethereum Classic price displays a lack of bullish momentum as it consolidates below $96.94. A 15% pullback to the immediate demand zone that ranges from $72.23 to $79.37 seems likely. ETC will face a make-or-break point around this support barrier.

More Ethereum Classic News

Chiliz anticipates 50% gains

Chiliz price recently bounced off a critical support level at $0.473 and eyes a 50% upswing. CHZ needs to slice through a significant supply zone that extends from $0.593 to $0.657 to seal its bullish fate. A breakdown of the $0.430 support level will signify the start of a new downtrend.

More Chiliz News

Ethereum consolidates, but on-chain indicators predict another blastoff soon

Ethereum price is tightly wound as its range-bound movement continues after setting up an all-time high on May 5. ETH might retest its swing low before surging higher and potentially rallying to new highs.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP