Chainlink

3X Short Chainlink Token

Key Points:<ul><li>On-Chain Supply Wall: Over 10,000 addresses hold 15 million LINK tokens, forming a substantial supply wall at $16.</li><li>Critical Juncture: The $16 resistance level is pivotal for Chainlink’s bullish trend or potential consolidation.</li><li>Performance Metrics: LINK trades at $15.70, 24-hour volume at $707 million, recent surge of 28.09% in the last month.</li></ul>Chainlink, the decentralized oracle network, has been a standout performer in the cryptocurrency market, showcasing impressive momentum in recent weeks. However, the digital asset now finds itself at a crucial juncture as it approaches the $16 resistance level, encountering a substantial on-chain supply wall, according to insights from <a href="https://twitter.com/intotheblock/status/1732067430581571744?" rel="noopener noreferrer nofollow">IntoTheBlock</a>.On-chain data analysis highlights a significant obstacle for <a href="https://cryptosnewss.com/bitcoin-cash-chainlink-maker-dao-and-thorchain-show-strong-upward-trends/" rel="noopener noreferrer nofollow">Chainlink</a>, with more than 10,000 addresses holding a substantial amount of LINK tokens, totaling over 15 million, at the critical price point of $16. The presence of this sizable supply wall raises concerns among market participants, suggesting a potential roadblock that Chainlink must overcome to sustain its bullish momentum.The $16 level has become a focal point for Chainlink enthusiasts and investors alike, with the ability to breach this level seen as pivotal for maintaining the current bullish trend. Conversely, a failure to surpass this hurdle could lead to a period of consolidation or even a retracement, prompting a reassessment of positions by market participants.<h2 id="header-0">Chainlink (LINK) Price Overview</h2>As of the latest price analysis, Chainlink is currently trading at $15.70, accompanied by a 24-hour trading volume of $707 million, reflecting a 22% decrease. Over the past 24 hours, the coin has experienced a modest 0.76% uptick, and in the weekly chart, it boasts a 5.80% increase. Chainlink holds the #12 spot on CoinMarketCap, with a market cap of $8 billion, a circulating supply of 556,849,970 LINK coins, and a maximum supply capped at 1,000,000,000 LINK coins._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/chainlinks-battle-at-16-overcoming-on-chain-resistance/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a><a href="https://cryptosnewss.com/shiba-inu-sets-crypto-ablaze-shibarium-burn-consumes-8-24-billion-shib-tokens/" rel="noopener noreferrer nofollow"> </a>on December 7, 2023.

Chainlink’s Battle at $16: Overcoming On-Chain Resistance

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