- The Chainlink price poised for short-term recovery as buyers emerge from a triangle pattern with resistance breakout.
- The Chainlink reserve accumulated an additional 129,095.37 LINK tokens worth approximately $1.19 million.
- The downsloping slope of exponential moving averages (50, 100 and 200) could act as dynamic resistance against recovery attempts.
The Chainlink price is down 1.83% during Thursday’s U.S. market hours to trade at $9.1. Despite the intraday sell-off, the coin price showed sustainability above the $9 level will long-wick rejection candle. The initial buying pressure can be linked to renewed bullish market sentiment as crypto participants believe BTC is freed from Jane street manipulation. However, the LINK price gained additional traction as Chainlink reserve accumulated more tokens today to bolster its network sustainability.
LINK Price Jumps as Chainlink Reserve Adds $1.19M
Since Wednesday, the crypto market witnessed a renewed surge in buying pressure which pulled its market capitalization to $2.32 trillion. As a result, the Bitcoin price rebounded to $69,000 and Ethereum reclaimed $2,000 before intraday pullback today.
This recent upswing is widely attributed to the sudden cessation of a recurring 10 a.m. dump pattern that many traders blamed on the quantitative trading firm Jane Street.
As the momentum spreads to the altcoin market, the Chainlink price jumped from $8.18 to $9.1 in the last 48-hours, registering a 11.25% surge. The coin price is anticipated for further rise as Chainlink Reserve accumulate more LINK token today
Chainlink’s dedicated reserve recently obtained a further 129,095.37 LINK tokens, which equates to $ 1.19 million at current market prices. This latest inflow brings the total accumulated holdings to 2,301,357.23 LINK with the overall valuation hanging around $20.8 million. The average purchase price of the entire reserve is $14.52/token.
This accumulation is happening amid broader developments in the network, such as increasing institutional adoption in tokenized assets and real world data verification, although pricing of tokens is subject to the usual fluctuations of the crypto market. The reserve serves as a self-sustaining pool to shore up and reinforce the operations and economics of the network over a long period of time.
Chainlink Price Exits Weekly Consolidation With Triangle Breakout
For the past two weeks, the Chainlink price resonated in a confined range laid by two converging trendlines of a symmetrical pattern. The chart setup offered dynamic resistance and support to price amid recent market correction, bolstering traders to recoup its momentum for the next leap.
On Wednesday, the coin price gave a decisive breakout from the pattern’s resistance trendline to signal renewed buying pressure. If the breakout sustains above $8.73, the coin price could rise $10.3, followed by a surge to $11.6.
The LINK price back above the 20-day EMA slope suggests an initiate win for buyers to strengthen their grip over this asset.
On the contrary, the Chainlink price is retracting to the breached trendline for potential support. If buyers fail to hold their ground, the LINK token could further contact the $7.9 mark.
Also Read: Bitwise CIO Dismisses Bitcoin Crash Conspiracies, Says Market ‘Bottoming’