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Home»Altcoins»Why Chainlink continues to favor the bears this week
Altcoins

Why Chainlink continues to favor the bears this week

2023-10-09No Comments3 Mins Read
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  • LINK has room to explore more downside price action.
  • LINK’s long-term prospects remained favorable, thanks to Chainlink’s rapid expansion.

Chain link [LINK] closed the first week of October with a bearish performance, having previously made a substantial increase from the September low. The pullback could be the start of a broader pullback that could continue in the coming weeks, and here’s why.


Is your portfolio green? View the LINK Profit Calculator


If we zoom out on the LINK price chart, we see that the price pattern is moving within a support and resistance range. The falling resistance has been active since November last year, with retests in April, July and October (a few days ago).

LINK has returned as much as 13% after the last resistance test, but the selling pressure has cooled somewhat.

LINK was exchanging hands at $7.67 at the time of writing. But can it maintain the selling pressure we’ve seen in the market recently? Well, there are signs that it could be heading in a more downward direction.

For example, LINK has established an ascending support pattern for the lower range, meaning there is some room for the bears before the next support retest.

Let’s take a look at some statistics that provide insight into the current demand situation. LINK’s on-chain volume fell to its lowest weekly level in the past 24 hours at the time of writing.

We have also seen a consistent decline in investor sentiment over the same period, indicating a loss of confidence among traders.

LINK volume and weighted sentiment

Source: Santiment

Whales keep LINK under control

Perhaps whale activity is better suited to reveal the next potential impact. According to supply distribution statistics, some whales have been purchasing LINK over the past four weeks and recently reached a monthly high. This included addresses with between 1,000 and 10 million LINKs.

See also  Bitcoin Bears Fear a Short Push Above $71,000 as Open Interest Rises to $22.6 Billion

However, the main category of whales consists of addresses with between 10 and 100 million coins (indicated in green). This is because they currently control the majority of LINK’s supply in circulation, with a percentage of 51.95% according to the latest analysis.

This whale category contributed to most of LINK’s selling pressure in the first week of October.

LINK supply distribution

Source: Santiment


How much are 1,10,100 LINKs worth today?


The above observations show that there is still significant selling pressure from some whales. As a result, prices remain low and may be the reason for more capitulation.

But what about the long term? Well, Chainlink is still growing and expanding its sphere of influence, especially through price feeds and oracle data. This could yield a favorable outcome for LINK holders in the long run.

The fast-growing Web3 ecosystem is supported by #Chain link Price feeds.

Integrate the GNS/USD price feed at @arbitrum to build secure DeFi markets around it @GainsNetwork_io‘stiches.https://t.co/wRqfcafZW2

— Chainlink (@chainlink) October 7, 2023



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Bears Chainlink continues favor week
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