Oracle Network Chainlink’s native token It climbed to $18.80 on Monday as large holders increased significant positions despite the token’s struggle to fully recover from the October correction.
The token established a series of higher lows at $ 18.10 and $ 18.42, creating a bullish structure, the technical analysis model of Coindesk technical research. It posted a solid 3% advance in the past 24 hours, outperforming the broader crypto market.
The breakout above the key $18.70 level occurred with a volume spike of 3.07 million. Despite the advance, trading activity is running more than 5% below the seven-day moving average.
With Link breaking above the $18.70 resistance level trapped in previous rallies, the technical picture appears constructive for continued upside. However, the occupied volume profile during the advance creates a variation that warrants caution.
Meanwhile, links whales, or large token holders, have withdrawn nearly 10 million tokens from Crypto Exchange Binance since the October 11 crypto crash, according to blockchain sleuth lookonchain. mentioned. That’s roughly worth $188 million at current prices, signaling a steady accumulation of deep investors.
The basic level of technical level of care for the link
- Support/Resistance: Strong support established at $18.24 with resistance forming near the $18.70-$18.75 range.
- Volume Analysis: 24-hour volume declined 5.55% below the weekly average despite the price advance, suggesting limited institutional involvement.
- Chart patterns: The bullish channel structure is intact from mid-2023 with a recent bounce from lower boundary support.
- Targets and Risk/Reward: Immediate upside targets at $20.04 resistance level, with downside risk towards $18.10 support if Momentum fails to sustain.
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