Chainlink (LINK) has been ticking higher since the start of 2022 and is set to mark the fourth consecutive day in the green. At the time of publication, Chainlink was exchanging hands at $23.57, up 5.33% in the last 24 hours and 15.87% in the past 7 days. WhaleStats, a whales’ surveillance website shared details on several major transactions made by Ethereum whales purchasing LINK. Two major whales, ranked 111 and 116 in the top 1,000 ETH wallets tracked by the website have bought a total of 479,701 LINK tokens or $11,311,820 worth in the last 24 hours. The Chainlink platform reports that 2021 was a year of exponential growth, as Chainlink surpassed $75B Total Value Secured (TVS) and its ecosystem grew to 1000+ projects. Chainlink price action is worth a watch as market spectators believe it has bottomed and thus presents buying opportunity.
Key Levels
Resistance Levels: $30.23, $27.50, $24.50
Support Levels: $21.00, $18.50, $13.38
LINK/USD Daily ChartLINK rose higher following the rebound on the Dec. 31 low of $19.40. The price ticked up in the last three days to reach highs of $24.48 today. However, the price found barrier near the MA 200 at $24.48. The recent rebound comes after the moving averages (MA) 50 and 200 posted a ‘death cross’ in the preceding sessions, as the previous sell-off drove the market lower.
The RSI is matching the recovery in price as it jumped above the 50 neutral levels. A closing price above the MA 200 at $24.48 could boost buying interest and confirm additional gains towards the $30 and $38.32 levels. In the event of a pullback below the MA 200 and then the MA 50 at $22.53, bears may push harder to clear $19.07 support before tumbling to the $16.07 level.
LINK/USD 4-Hour ChartLINK powered back from its December 31 low, crossing above the moving average 50 and 200. Moreover, the MA 50 has positively crossed above the MA 200, reviving hopes of a sustained bullish outlook. However, the LINK/USD pair is facing a barrier near the $24.48 high, indicating that immediate downward movement, should not be ruled out if a double top formation is achieved.
If LINK price breaks below the 22.58 level, immediate support might be found at the $20.33 to $21.25 region which marks the boundaries of MA 200 and 50. Alternatively, should the bulls surpass the $24.48 barrier, this could pave the way towards the $30 and $40 levels. In brief, the technical picture is cautiously positive. For that to change, the buyers would need to breach the MA 200 at $24.48.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
