Profit Taken on Chainlink and These Altcoins!

As the crypto market continues to rise, it attracts hefty selling from higher levels. The data shows that the rally in the last weeks is interpreted by all wallets, large and small, as an opportunity to take profits. Here is the situation after Chainlink, Uniswap, LUNC and SHIB…

Chainlink price increase could bring heavy selling pressure

Chainlink price registered an 8% price increase yesterday, reaching its highest level at $7.9. This increase led investors to sell some of their coins for profit, and nearly 650,000 Chainlink exchange wallets whose value exceeded $5.06 million were moved back to their wallets.

This reaction is not particularly surprising, as Chainlink investors have had to make a move on their backlog throughout March. In 31 days, more than $95.3 million in tokens were purchased by investors preparing for a potential rally.

These levels are expected in Chainlink price

According to analyst Michael Van de Poppe, Chainlink price is prone to a rally and if the altcoin acts according to forward expectations, it could skyrocket to the $15 to $20 range.

The rally could be linked to Bitcoin. It could also have an impact on LINK as BTC has crossed the $30,000 mark and is predicted to continue its rally. The altcoin has a correlation coefficient of 0.77 with BTC, which indicates that Chainlink could follow Bitcoin’s lead.

Also, if the analyst’s rally prediction comes true, investors will be able to unlock more than 65 million LINKs that have been in losses for some time. Thus, a rally to $15 could yield a total profit of around $500 million. This, in turn, could potentially trigger a sell-off in the market and further confirm investors’ current sense of profit-taking.

Uniswap price rally blocked by selling

Uniswap price is set to post some bullish momentum as the last few days have not reached the desired level, provided its traders take a bullish stance forward. The first sign of the same thing came from UNI whales sending mixed signals.

The group of investors holding between 1 million and 10 million UNIs in the past week has been steadily accumulating, while the group holding between 100,000 and 1 million UNI sold their holdings within a week. $12 million worth of UNI spilled into the market by these investors.

Beyond whales, individual investors are not failing to make profits or minimize losses. In the last two weeks, more than 3 million UNI tokens worth over $18 million have been sold back to exchanges.

Selling on the exchanges was one of the reasons why Uniswap price moved sideways and had a hard time trying to recover on the charts. Also, in more than five months, the only time UNI holders appeared was on April 10, when more than 8,100 active addresses were observed. Otherwise, the average number of active addresses does not exceed 2,000.

However, with the growing rhetoric about the alternate season, the Uniswap price may rebound somewhat, but for now on-chain signals do not point to any immediate boom for UNI.

LUNC price risks down 5% if bulls let their guard down

The Luna Classic price is down from the last 24 hours, while trading activity in the same period is down almost 20%. The altcoin is facing heavy general pressure that puts pressure on LUNC and prevents an upside move. The 50-day EMA of $0.000134 has kept the altcoin under pressure since the first week of February, the 100-day and 200-day EMAs of $0.000150 and $0.000183 respectively.

If buyer momentum doesn’t pick up among LUNC bulls, Luna Classic price may revisit the bottom of the consolidation zone to see a 5% drop at $0.000120.

Conversely, if buyer momentum builds, Luna Classic price could rise and break past the top of the consolidation zone to open the way for more gains. In this context, LUNC will first have to face the 50-day EMA at $0.000134. A decisive daily candlestick above this level will invalidate the bearish thesis.

Shiba Inu bulls hold on despite all sales

Shiba Inu price is trading in a fixed range despite large whales giving up at $6 million.

Etherscan.io data reveals that the 29th largest Shiba Inu Whale has sold 538 billion dollars worth 6.07 million dollars in five key transactions in the last twelve days.

Multiple massive whale sales have taken place on the Shiba Inu network in recent days. Despite continued bad sales, the price of the Shiba Inu continued to rise. CoinGecko data reveals that the SHIB price has increased by 6.6% in the last 14 days and by 2.9% in the last week.

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