Elliot Wave points to Chainlink price rebound as whales buy

The price of chainlink continued a strong dumping vortex with bitcoin crashing and most of Altcoins.

The Sainlink (Link) code decreased to the lowest level in $ 15.68, that is, less than 20 % less than July.

The purchase of ChainLink whale continues

Link, like most altcoins, decreased this week, as the last bullish momentum declined in the encryption industry.

The sale continued after President Donald Trump implemented the definitions of most countries, such as South Africa, Switzerland and India. It also escalated after the work statistics office published the number of weak jobs.

The report showed that the economy created only 73,000 jobs in July, while the unemployment rate increased to 4.2 %. As a result, President Donald Trump, head of the office, fired accused of manipulating the data.

On the positive side, there are signs that the whales continued to purchase. The data collected by Nansen shows that whales carry 3.84 million icons, with a monthly increase by 13 %. They had more than 3.38 million coins on July 5.

The amount of chainlink has continued on the stock exchanges to decrease in the past few months. There are now 276.88 million symbols, a decrease from 283 million at the highest point in July. Fallen exchange balances are a bullish incentive because they indicate less pressure among investors.

Another potential catalyst for the correlation price is that the period of claiming space and time (SXT) is close to its end. The space and time, a high -growth player in the encryption infrastructure industry, has provided 4 % of SXT supplies for the participants in the ecosystem of the series. The claim period will end with the first 100 million icons of $ 8 million on August 8.

The association reaction was also moderate with the introduction of a new pricing method for its non -central assets circulating on the stock exchange

Technical analysis of the series

The Daily Chart explains that the binding price has declined in the past few days, as it has moved from a height of $ 20.26 on July 21 to $ 15 today. She moved below the main support level at $ 17.96, its highest point on May 12, and the level of re -amendment by 61.8 % at $ 16.82.

LINK also arrived on a 50 -day moving average. More importantly, it appears to be in the second stage of the ELLIOT wave style. As such, the third stage of this wave is likely to pay to $ 25.60, which represents an increase of 62 % higher than the current level.