LINK Price Defies Negative Sentiments, Trading at $6.7 with 10% Gains
The price of LINK, the token that powers a popular oracle protocol in the crypto market, has seen a bullish outlook despite negative market sentiments. It is currently trading at $6.7, with a 10% increase in the past 24 hours. This positive trend is accompanied by significant price increases across the market, including Bitcoin surpassing $27,000 and Ethereum breaking resistance at $1,650. The overall market cap has also seen a 1.7% spike to $1.12 trillion, indicating a potentially bullish week ahead.
Notable Transfers of LINK Tokens Raise Questions
In the last couple of days, there have been significant transfers of LINK tokens from Chainlink’s wallets to various platforms. These transfers have sparked mixed reactions regarding their implications for the 20th largest digital asset. Four Chainlink wallets moved 18.75 million LINK tokens worth approximately $125 million, with most of them being transferred to Binance. This is not the first time such large transfers have occurred, as another $95 million worth of LINK was transferred to Binance on March 4.
LINK Price Performs Well Despite Token Transfers
Despite the large transfers of non-circulating supply, which have totaled $446 million so far, the price of LINK has performed remarkably well on Monday. If bulls manage to break through the resistance at $7, it could pave the way for further gains and potentially reach $10. Key indicators like MACD and moving averages suggest that now is the time for bulls to shine. The bullish grip on the price is reinforced by the 50-day EMA crossing above the 100-day EMA.
Considerations for Traders and Potential Profit-Booking at $7
To keep the uptrend intact, buying pressure needs to surpass selling pressure at the $7 level. If the price is rejected and unable to sustain movement above $7, it may be wise to consider short positions as losses could increase to $6.4 and $6.1, respectively. Traders may want to wait for the price to push above the upper descending trendline resistance or start the next recovery phase above $7 before deciding to join the uptrend.
Hot Take: LINK Price Shows Resilience Amidst Token Transfers
Despite significant transfers of LINK tokens from Chainlink’s wallets, the price of LINK has remained resilient and even experienced gains. This demonstrates the market’s confidence in the token and its potential for further growth. With key indicators suggesting a bullish outlook, LINK could reach new highs in the near future. However, traders should remain cautious and monitor resistance levels to make informed decisions.
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