LINK Faces Bearish Signals After Large Whale Transfer To Binance

  • Earlier today, a whale transferred LINK worth over $7 million from an unknown wallet to Binance.
  • Technicals on LINK’s daily chart suggest that momentum is shifting from bullish to bearish.
  • LINK was worth $11.00 at press time after its price managed to climb 0.41% in the past 24 hours.

After Chainlink’s (LINK) price success over the past few days, it seems like a whale might be planning to cash in their holdings. The whale tracking platform, Whale Alerts, shared a post on X earlier today warning traders that a whale transferred 671,878 LINK, worth about $7,379,274, from an unknown wallet to Binance.

LINK has been in a consolidation phase between $10.635 and $11.785 over the past week. This was after it entered into the channel on 25 October 2023. Bulls did attempt to elevate the altcoin’s price to above this price channel, but sellers were able to prevent that from happening.

Daily chart for LINK/USDT (Source: TradingView)

Subsequently, technical indicators on LINK’s daily chart were slowly shifting from bullish to bearish. The first indicator that traders will want to keep an eye on is the RSI indicator. At press time, the RSI line was closing in on the RSI SMA line. 

This suggests that buyers were losing strength. If these two lines cross, then it may confirm that sellers have gained the upper hand. Supporting this bearish thesis is the daily MACD indicator.

The daily MACD line was closing in on the MACD signal line as well. Meanwhile, the gradient of the MACD histogram was negative. This could indicate that the bullish trend that resulted in LINK’s price entering the sideways channel may be coming to an end. It could also suggest that this positive trend was in the process of undergoing a bearish reversal.

If these technical flags are validated, then LINK’s price may fall below the $10.635 support level. Thereafter, the altcoin could be at risk of falling to the next key support level, which stood at $8.60.

LINK was worth $11.00 at press time after its price managed a slight 0.41% climb over the past 24 hours of trading, according to CoinMarketCap. The altcoin’s price was also still up by 2.96% on its weekly time frame.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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