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Quick grip:
- The number of ChainLink addresses containing 1k or more LINKs has increased by 445 in one month
- Such accumulation by whales is usually a harbinger of a price increase for any digital asset
- LINK is consolidating in the $ 13 pricing area after a brief decline to $ 12.50
- $ 12 is still a strong support zone for ChainLink
- The 50-day moving average could provide area for a rebound towards $ 14
The number of ChainLink addresses holding 1,000 LINKS or more has increased by 445 in the last month. This according to data from the Santiment Feed team who also pointed out that such accumulation by LINK whales could be a precursor to a price increase in the days to follow.
The Santiment team shared their analysis via the following statement and the accompanying table showing an increase in LINK whales.
The amount of high-end #Chainlink Investors continue to grow, according to data from our “Shareholder Distributions”. There are 445 more addresses that contain 1,000 or more $ LINK (currently at least $ 13,950), compared to last month. Whale keeper behavior tends to be among the top leading price indicators on @santimentfeed, and the increase is encouraging after the decline in whale addresses in late October (coinciding with $ LINKfall of).
ChainLink consolidates at $ 13 after a decline to $ 12.50
In terms of price action, ChainLink is in a downtrend after recording a local high of $ 16.43 on November 24th. At the time of writing, LINK is trading at $ 13.20 after falling to the $ 12.50 level yesterday. The $ 12 price area continues to be a strong support level for ChainLink.
From the LINK / USDT daily chart above, the following can be seen.
- The trading volume is shrinking and in the red thus confirming a downward trend
- The MACD is bearish above the baseline
- The daily MFI and RSI are at 60 and 45 respectively. These two indicators also confirm that LINK is being corrected
- Chainlink’s 50-day moving average provides support at its current price
- The 100-day moving average coincides with the $ 12 support level mentioned earlier
- If the two moving averages above fail, ChainLink could very well be on the path to the 200-day moving average around the $ 10 psychological support area.
To sum it up, ChainLink is in the midst of a fix that could see LINK retest for $ 12 or even $ 10 in the days to follow. However, the 50-day moving average offers adequate support at the current LINK levels and could provide a path for a short-term rebound to $ 14.
As with all altcoin analytics like LINK, investors and traders are reminded to keep an eye on any sudden movements in Bitcoin that could cause ChainLink to drop further.
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