Chain link (LINK/USD) “Below $10 looks criminal.” These are the words of anonymous crypto analyst Kaleo, who has 538,000 followers on Twitter. According to the analyst, Chainlink is seeing accumulations in addition to major support. For this reason, the analyst believes Chainlink is a bargain at $10 or less.
The comments come as Chainlink sees an increase in whale activity. Data from Santiment indicates that whales were very active, with 33 trades worth more than $1 million over the weekend. Whale activity was the highest since June 27.
It is no coincidence that the LINK price is rising. At press time, LINK was trading at $8.45, a slight correction from a nearly 3-month high of $9.1 over the weekend. A quick technical look shows that the Chainlink token had breached a key resistance level. Investors may be looking to accumulate more amid growing buying pressure.
Is a golden cross coming for LINK?
Source – TradingView
On the daily chart, LINK tested the $8 resistance turned support. The token is pushing higher from the support zone. The MACD indicator shows that the momentum is strong, suggesting that a higher price is on the horizon.
Another critical technical indicator that will look bullish for LINK is the moving averages. Technically, the 50-day MA is approaching a crossover (golden cross) on the 200-day MA. If this happens, it will be the first time we see a golden cross on LINK this year. The last time the 50-day MA was above the 200-day MA for LINK was in December 2021. A golden cross is an indication of sustainable bullish momentum ahead.
Should you buy LINK now?
LINK is attractively priced shopping area. A breakout followed by a retest of the support makes for a strong bullish case for the cryptocurrency. The technical aspects are bolstered by increased whale activity, showing that buyer interest remains high.
From the current level, the next target for LINK will be $9.5 and $11. Targets at $12 and $18 will depend on prevailing crypto sentiment.
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