LINK rises 7% in 24 hours on whale purchases

Chainlink’s LINK token is up more than 7% in the past 24 hours after an Ethereum whale bought $4.6 million worth of tokens.


While Bitcoin and the other altcoins continue to underperform, some cryptocurrencies have posted positive performances. LINK is one of the best performing cryptocurrencies at the moment, having risen more than 5% in 24 hours.

WhaleStats, a platform focused on tracking the activities of the richest whales in the crypto world, revealed yesterday that an Ethereum whale had purchased 199,999 LINK tokens.

Yesterday’s purchase was the second largest on the WhaleStats platform. The 199,999 LINK tokens purchased by the whale were worth $4,693,999.

Chainlink is a blockchain-based decentralized network designed to enable smart contracts to connect to external data sources. The external sources can be APIs, internal systems and various other types of external data feeds.

LINK, the original token of the Chainlink ecosystem, is an ERC-20 token. It is used to pay for the services on the Chainlink network. What makes Chainlink a powerful protocol is its ability to validate data from multiple sources.

Currently, LINK is trading at a price of $25.42 per token.


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The technical indicators show that LINK is currently performing well. Its current rally has allowed it to break past its 50-day moving average of $22.48.

LINK is past the 50-day EMA. Source: FXEMPIRE

The MACD line currently remains within the neutral zone after spending the past few weeks in the negative region. Meanwhile, the 14-day relative strength index of 63 shows that there is currently buying pressure on LINK.

If the bulls maintain control, LINK could break past the first major resistance level of USD 29.19 in the next few hours. It needs the support of the entire crypto currency world to push its gains past the USD 33 resistance level before the end of the day.

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