Both LINK and ADA are currently witnessing a surge in interest from whales, contributing to their overall market resilience. ADA, with a robust support level at $0.36, is poised to extend its momentum, potentially reaching $0.41. On the other hand, LINK maintains a strong bullish bias, suggesting the possibility of a notable upswing, with a target set at $20.
Over the past seven days, both Cardano (ADA) and Chainlink (LINK) have experienced significant price increases, bringing joy to their holders. LINK, currently trading at $15.03, has witnessed a remarkable 33.31% surge in value over the past week.
In the case of ADA, which faced substantial declines earlier in the year, there has been a notable 15.86% increase within the same timeframe. This upward movement has injected optimism back into the market. According to on-chain data provider Santiment, the surge owes much to the involvement of whales in the market.
In a post on X (formerly Twitter) on November 10, Santiment highlighted that whale transactions exceeding $100,000 involving LINK and ADA reached their highest point in the last six months.
🐳📈 Whales are extremely active, spiking to 6-month high levels on the #Bitcoin, #Ethereum, #Chainlink, and #Cardano networks. There may be a bit of profit taking happening to end the week, but this doesn't necessarily signal that tops are imminent. https://t.co/lASvL551Rj pic.twitter.com/0lnXMjYyFJ
— Santiment (@santimentfeed) November 10, 2023
In the current market conditions, such transactions typically contribute to further price increases, a sentiment acknowledged by Santiment. However, it also suggested the possibility of profit-taking in the interim before another uptick occurs.
ADA/USD Price Analysis: Post-Surge Retracement and Potential Support Levels
Examining the 4-hour ADA/USD chart reveals a current presence of buyers in the market, accompanied by sellers aiming to capitalize on profits amassed over the past seven days.
In navigating the potential trajectory after a wave of profit-taking, Fibonacci retracement levels come into focus. As of the latest evaluation, the 0.382 Fib level is situated around $0.36, representing a crucial support level for ADA.
This indicates a likelihood for ADA to resist selling pressure at $0.36. If buying pressure resurfaces, the 1.618 Fib level suggests ADA could reach $0.41. At this point, market participants might engage in profit-taking once again.
ADA/USD 4-Hour Chart (Source: TradingView)
The Relative Strength Index (RSI) has declined to 58.02, signifying a diminishing buying momentum. A continued decrease in the RSI reading may lead ADA to touch $0.36 before a subsequent uptick ensues.
LINK/USD Technical Analysis: Strong Bullish Signals Point to Potential Surge
Analyzing Chainlink’s (LINK) technical indicators, the Directional Movement Index (DMI) suggests robust bullish tendencies. The +DMI (green) presently stands at 29.43, while the -DMI (red) is at 11.84, showcasing a substantial difference that leans heavily towards a potential uptick rather than a decline.
This bullish sentiment is further supported by the Average Directional Index (ADX), registering at 45.25 as of the latest assessment. The ADX reading indicates a lower probability of LINK retracing in comparison to ADA.
LINK/USD 4-Hour Chart (Source: TradingView)
If the ongoing trends of accumulation and heightened whale interest persist, LINK appears poised for a potential surge, with $20 being an achievable milestone in the near term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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