The crypto markets have had an encouraging first few weeks of 2023, with Bitcoin leading the pack. The King of Crypto opened the year at a value of $16,500 and has since pumped by 31% to hit a local peak of $21,647 set o Tuesday, January 17th.
Chainlink Whales Have Been Accumulating LINK
In the case of Chainlink (LINK), the digital asset opened the year at a value of $5.575 and has pumped by an impressive 27.47% to set a local high of $7.107 on Saturday, January 14th. But the digital asset had set a local low of $5.387 on December 31st, meaning that it has since pumped by 32%.
Chainlink‘s impressive market performance was also captured by the team at Santiment, who attributed it to the number of LINK whales who have been accumulating the digital asset since May 2022. According to their analysis, which can be found below, there are now 463 addresses that hold at least 100,000 LINK (currently worth $684k).
🔗🐳 #Chainlink is floating a bit ahead of the #altcoin pack today. There are 463 addresses that hold at least 100,000 $LINK, and they have ascended +26% since May, 2022. It is encouraging when an asset sees whale accumulation during corrections. https://t.co/QNKzhuU24g pic.twitter.com/9hBqsQR89J
— Santiment (@santimentfeed) January 17, 2023
Chainlink’s 200-day Moving Average is Acting as Resistance at the $7 Price Area
The one-day LINK/USDT chart below, courtesy of Tradingview.com, shows that Chainlink is in bullish territory above the 50-day (white) and 100-day (yellow) moving averages. Furthermore, its 200-day (green) moving average is acting as short-term resistance at the $7 price area.
In addition, Chainlink’s daily MFI (green), MACD and RSI (red) hint at an overbought scenario that could lead to consolidation at current levels or a pullback leading into the month of February.
If this scenario plays out, Chainlink has the following price areas to act as support.
- $6.60
- $6.413
- $6.30
- $6.01
- $5.895
However, Chainlink seems to be printing a bull-flag on the daily chart, that could result in a breakout above the 200-day moving average and perhaps closer to the $10 psychological resistnace area.
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