Chainlink Creates 300 Million LINKs To Show Support

According to Chainlink’s on-chain statistics, traders built a sizable support for the token at about a $6.70 price point. According to the transaction history, 7,000 addresses are prepared to take over 300 million LINK.

We can identify local support and resistance levels by using the IOMAP indicator, which also displays the buying and selling volumes and the proportion of investors that are profitable at a given price.

With more than $2 billion in volume, more than 7,000 investors and traders placed orders totaling 300 million LINK at about $6.70. When such a huge volume emerges around a certain price level, it typically turns into a support level since bears must cover the current volume of orders to drive the price lower.

Since the next important support level is still around $6.20 and there are no substantial resistance levels in the near future, even small inflows of bitcoin could cause it to reach new local highs.

Chainlink technical analysis

The asset successfully broke past the 50-day moving average and is now going for the next resistance level of the 200-day moving average at about $11, according to the token’s daily chart, which shows that LINK is aggressively attempting to join the reversal rally.

The local trendline resistance level was also broken by LINK, which is a powerful bullish indicator that could trigger a short- to mid-term rise on Chainlink. Other indicators indicate that the cryptocurrency’s downward trend is gradually eroding, and LINK has every opportunity to display noteworthy price performance in the near future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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