In the last few days, more than $3 million worth of MATIC and LINK has been gathered. Both MATIC and LINK have seen an increase in their values in the past 24 hours.
MATIC and LINK, two cryptocurrencies, have dropped below their support levels. However, there’s speculation that recent accumulation of these tokens might contribute to a potential upward trend in their prices once again.
Crypto Accumulation and Exchange Flow Analysis
As of December 20th, newly created wallets withdrew substantial amounts of Chainlink (LINK) and Polygon (MATIC) tokens from Binance, totaling $3.5 million and $3.13 million, respectively, according to Lookonchain.
Despite the recent accumulation, Polygon’s exchange flow remained positive, indicating ongoing inflows that surpassed the volume accumulated by new wallets. At the time of the update, MATIC’s exchange flow was notably high at 15.4 million.
In contrast, Chainlink exhibited an accumulation pattern with a negative exchange netflow of around -411,565. This suggested a trend of holders retaining their positions instead of selling.
Examining Polygon’s daily timeframe price movement revealed a recent decline, causing an increase in exchange inflow. The chart indicated a drop below the short-moving average (yellow line), previously a support level around $0.8. As of the update, Polygon was trading at a 1.8% increase, around $0.7.
Chainlink experienced a decline below its yellow line, though not as pronounced. The token was trading at approximately $14.4, reflecting a modest increase of over 2%. Despite the uptick, its Relative Strength Index (RSI) remained below the neutral line, signaling a bearish trend.
In summary
The recent accumulation and exchange flow trends provide insights into the dynamics of MATIC and LINK, suggesting varied patterns and potential market directions for these cryptocurrencies.
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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