Chainlink (LINK/USD) “below $10 feels criminal.” Those are the words of anonymous crypto analyst Kaleo, who has 538,000 Twitter followers. According to the analyst, Chainlink is experiencing accumulations on top of major support. For this reason, the analyst feels Chainlink is a big bargain at or below $10.
The comments come when Chainlink is witnessing an increase in whale activity. Santiment data indicates that whales were very active, with 33 transactions of more than a million dollar value over the weekend. The whale activity was the highest since June 27th.
It is no coincidence that the LINK price is going higher. As of 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 outlook shows that the Chainlink token had broken past a key resistance level. Investors could look to accumulate more amid increasing buying pressure.
Is a golden cross coming for LINK?
Source – TradingView
On the daily chart, LINK has tested the $8 resistance-turned-support. The token is pushing higher from the support zone. The MACD indicator shows that momentum is strong, suggesting a higher price is on the horizon.
Another critical technical indicator that will sound bullish for LINK is the moving averages. From the technical outlook, the 50-day MA is nearing a cross-over (golden cross) over the 200-day MA. If that 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 upcoming lasting bullish momentums.
Should you buy LINK now?
LINK is at an attractive buy zone. A breakout followed by a retest of the support builds a strong bull case for the cryptocurrency. The technicals are reinforced 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 the prevailing crypto sentiment.
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