Chainlink

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/chainlink-is-in-danger-as-netflow-becomes-positive-is-link-price-setting-up-a-trap/">Chainlink Is In Danger As Netflow Becomes Positive! Is LINK Price Setting Up A Trap?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
When the market reacted negatively to the Consumer Price Index (CPI) news, Bitcoin’s value fell below the crucial $35,000 threshold. This downturn triggered a widespread sell-off across the market, and Chainlink (LINK) was also affected. Despite a subsequent overall market recovery, Chainlink’s price revival is now under threat as its Netflow has shifted into positive territory, indicating potential bearish threats amidst its attempted bullish recovery.
<h2 class="wp-block-heading" id="h-link-faces-bearish-concerns">LINK Faces Bearish Concerns</h2>
In the past day, the price of LINK experienced significant liquidations as it struggled to maintain stability above the $15 mark. Coinglass data shows that there was a substantial long liquidation exceeding $2.9 million, strengthening the resistance level.
Although there was recent accumulation of LINK near its price dip, over $4 million of the altcoin is now set for sale. Data from IntoTheBlock reveals that Netflow has seen a recent increase and is currently in a positive zone, signaling potential risks of a market pullback.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/tQ7bVO9G6OkWNhol6czs4fHmhH2wa9ekdPb0baoyzr_hwr_pt7OjjF0VEfYBEY-55Opj4SdiXbrI_a71x0vcgVdRgozIMp0E3G2104ooCgXa4vcXO6Ia3_wyv2ZRRguE4R-7DEiJKJWkkXFS7UcjHuk" alt="">
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Netflow for LINK currently stands at 290K at a price point of $14.1, indicating that investors are transferring more of their holdings to exchanges than they are withdrawing. This change implies a shift in market sentiment, with approximately $4.06 million worth of LINK poised for sale. This scenario could lead to bearish concerns, especially if LINK’s price continues to rise, potentially <a href="https://coinpedia.org/price-analysis/chainlink-retest-is-in-progress-will-this-lead-to-a-link-price-drop-below-13/" rel="noopener noreferrer nofollow">prompting sellers</a> to exit at a profit.
Notably, there was a significant increase in large transaction volumes following the decline in LINK’s price. Over the past three days, this metric has almost doubled, surging from $143 million to $248 million, indicating activity among whales during LINK’s price drop.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/9hyM8pEimdVnAg1pJUHCFKMRx3u4buVVfkcQl9DdpN-J2QxKLm7N1rY13DW20qWunqozXDgxR1qE1js-ww3ZcSX43s_c8Xmrmxmefl-b790Kc9KIGzjVkIJlKhXuj-a5YJfmw3KVyU2LkkQUZV-DIfY" alt="">
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Currently, the long/short ratio for LINK, at 0.7238, shows a bearish sentiment, with 58% of positions betting on a price decline and only 42% in long positions. This suggests an increasing bearish momentum for LINK, hinting at a possible trend reversal.
<h2 class="wp-block-heading" id="what-s-next-for-link-price">What’s Next For LINK Price?</h2>
Chainlink has successfully tested the EMA100 trend line and is now preparing for a momentum above $16.5. Though buyers have successfully defended $13.3, there’s a potential bearish threat at $16.5. As of writing, LINK price trades at $14.9, surging over 2.2% from yesterday’s rate.&nbsp;&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/caX3uD6RitK2eeHc8Ff7_sXUk86TlH5MQcK-8FkXzU1DJhRLx5dpba-MQeT1oFTfrCKrIzM4m5bMAfvG1CQe2BIVFsRjMIPihVTTH55Cvg4P9jbQQ5w7xKSprcO99ym_PV5ecjvGQQFeaX3j2js_GQc" alt="">
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The current situation will likely lead short-term traders to take profits around $16. Following this, the LINK price might experience a pullback to the 38.2% Fibonacci retracement level at $14. A drop below that level will send LINK’s price toward $12.3.
A critical moment will come at around $16.7. If there’s a robust surge from this point, it would indicate that investors are still keen on buying during dips, potentially driving the price back up toward $19.5. Breaching this level might even lead the price to $25-$28. However, this bullish scenario could be negated if the price remains below the 20-day EMA.

Chainlink Is In Danger As Netflow Becomes Positive! Is LINK Price Setting Up A Trap?

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