- Whale address 0x33f7 dumped 722.416 Link worth $ 11.11m on Binance, accelerating the price loss of Link.
- Link broke below both the rising trendline and the support of $ 15; Furthermore, the level of $ 10.85 can target the disadvantage.
Chain link [LINK] A strong Bearish signal flashed without signs of an early recovery, because the price continues to bleed for the third consecutive day.
In the midst of uncertainty, a crypto -whale was found to dump millions of dollars on link tokens, which seems to accelerate the Neerwaartse Momentum.
Crypto Walvis dumps $ 11.11 million in link
On May 30, Lookonchain made one after On X (formerly Twitter) that address 0x33f7 722.416 Linktokens had dumped worth $ 11.11 million to Binance, the world’s largest cryptocurrency exchange.
This substantial tokendump took place when the price lost an important level of support and the Beerarish price action became.
At the time of the press, Link traded at $ 14.50, a decrease of 8.25% in the last 24 hours. In the meantime, the trade volume rose by 45%, which indicates panic outputs and lever games that enter the market.
$ 3.37 million in the accumulation of the left -hand signal
Looking at this dip, some investors and long -term holders seemed to grab the opportunity to collect the token, according to Coinglass.
Source: Coinglass
Spoti -flow data showed $ 3.37 million in link tokens that had left exchanges for the past 48 hours.
Of course, this type of movement refers to silent accumulation by long -term holders, possibly a stabilizing force in the midst of volatility.
$ 6.30 million in Bearish bets
While intraday traders seem to follow the current market sentiment by betting strongly on the bearish side.
So far, traders are over-livered at $ 14.29 at the bottom (support) and $ 15.01 at the top (resistance). At these levels, long positions were $ 3.04 million, while short positions amounted to $ 6.31 million.
This indicated that bets on the short side are considerably higher than the long, which means that sellers have control.
Source: Coinglass
When combining this data, it seems that Link Beerarish is in the shorter term, because traders are inadequate in the vicinity of the support level of $ 14.29, which increases the risk of a malfunction below this level.
Chainlink -Price promotion and key levels
According to the technical analysis of Ambcrypto, Link Bearish seems and is ready for a considerably downward momentum, without signs of an early recovery.
Source: TradingView
With successive red candles, the actively demolished his most important support level, which had received it from both a rising trendline and a horizontal level of $ 15.
Based on historical patterns, if this downward momentum continues and the price closes a daily candle below the level of $ 14.75, there is a strong possibility that the link could fall by 25%, making the $ 10.85 possible.
However, a bullish entry would only be possible if the clutch price is recovering and above the levels of $ 15 and $ 16. Until that time there are no signs of a bullish reversal.