SNEAK PEEK

• Large $17.95 million LINK transfer from circulating supply to Binance.
• Non-circulating supply wallet has made multiple LINK transfers to Binance.
• The ongoing movement of LINK tokens in the Chainlink ecosystem.

In a notable transaction that occurred eight hours ago, a significant amount of $17.95 million worth of Chainlink’s native cryptocurrency, LINK, was transferred from the circulating supply wallet to the popular cryptocurrency exchange Binance. This movement indicates a substantial shift in the ownership and distribution of LINK tokens.

8 hours ago, 17.95M $LINK ($95M) was transferred from the circulating supply wallet to #Binance.

The non-circulating supply wallet also transferred $LINK to #Binance on Aug 28, 2022, Nov 22, 2022, and Mar 3, 2023 in the past 1 year.https://t.co/Eag5q8TrA9 pic.twitter.com/qF5aKY23GB

— Lookonchain (@lookonchain) June 17, 2023

Furthermore, an examination of the blockchain data reveals that the non-circulating supply wallet has been actively transferring LINK tokens to Binance on several occasions within the past year. These transfers took place on August 28, 2022, November 22, 2022, and March 3, 2023, respectively. The repeated transfers from the non-circulating supply wallet suggest an ongoing trend of movement within the Chainlink ecosystem.

As Chainlink (LINK) continues to make headlines in the cryptocurrency industry, these recent transfers to Binance raise questions about the motive behind the significant movement of tokens. The migration of such a substantial amount from the circulating supply wallet may indicate a strategic decision by token holders or a response to market dynamics.

The repeated transfers from the non-circulating supply wallet to Binance over the past year hint at a consistent pattern of token movement. The reasons behind these transfers remain unknown, leaving room for speculation within the crypto community. Such movements can influence the overall market dynamics, potentially impacting the price and liquidity of LINK.

Chainlink price analysis: LINK rallies to $5.34 as bullish momentum builds

The latest Chainlink price analysis, the LINK/USD pair is currently experiencing a positive trend. The coin has recovered from earlier bearish pressure and has been trading positively for the past few hours. The bulls and bears have been locked in a tug of war, but the bulls seem to be gaining the upper hand.

At the time of writing, it represents an impressive 1.56  percent and is trading at $5.36. The strong support for the coin is being driven by strong buying pressure as the token looks to break past the 5.40 resistance. However, if bears take control and the coin fails to break past the 5.40 level, it could face a bearish correction. 

Looking at the technical indicators, there is a bullish divergence forming between the Moving Average Convergence Divergence (MACD), with the MACD line crossing above the signal line and climbing higher. Additionally, the histogram has been increasing in size, indicating a further rise in the bullish momentum. The Relative Strength Index (RSI) is also on a steady incline and has crossed above 50 levels, indicating that bullish momentum could continue for some time.

The 20-EMA and 50-EMA are also in a bullish crossover, with the 20-EMA moving above the 50-EMA. The Bollinger bands have expanded, indicating a rise in volatility. The upper Bollinger band is present at the 5.44 price level, suggesting that if the bulls take control, LINK could rise to this level, while the lower Bollinger band is present at the 5.16 price level, suggesting that this could be the support level if bears take control.

Overall, The price of LINK has gone up significantly in the past few hours and is expected to continue rising in the near future, if the bullish momentum persists. However, if the bears take control, a pullback could be seen.  The technical indicators are all currently favoring the bulls, so it remains to be seen if LINK can break past the 5.40 resistance and continue its upward momentum.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/chainlink-link-price-analysis-17-06/