Strong

Chainlink

<p>The post <a href="https://coinpedia.org/price-analysis/chainlink-sees-strong-support-from-bulls-as-accumulation-increases-could-link-price-be-gearing-up-for-a-breakout/">Chainlink Sees Strong Support From Bulls As Accumulation Increases! Could LINK Price Be Gearing Up For A Breakout?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In recent days, the price of Chainlink has experienced a significant uptick in buying interest, influenced by Bitcoin’s rally to $38K, which boosted the positions of leading altcoins. Despite a robust market correction, LINK’s price continues to attract buyers, giving opportunities on the recent dip in value. This increasing buying pressure for Chainlink is building momentum for a potential breakout in the coming hours.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-link-s-netflow-becomes-negative-with-price-decline-nbsp">LINK’s Netflow Becomes Negative With Price Decline&nbsp;</h2> 
<p>In the past 48 hours, Chainlink has seen a significant increase in long position liquidations as its price struggled to maintain buying momentum around the $15 mark. According to Coinglass data, this has led to over $2.1 million in buyer positions being liquidated, thereby strengthening the resistance level for LINK’s price.</p> 
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<p>Despite the recent downturn, the dip in Chainlink’s price seems to be offering buyers an opportunity to accumulate LINK at a lower price. Data from IntoTheBlock indicates that in the last two days, the Netflow has consistently been negative, signaling a <a href="https://coinpedia.org/price-analysis/chainlink-price-hints-a-massive-surge-is-it-the-right-time-to-invest-in-link-price/">phase of accumulation</a> among holders.&nbsp;</p> 
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<p>A negative Netflow implies that the outflow exceeds the inflow, indicating a trend where more holders are withdrawing LINK rather than depositing it, even amidst a price drop. This trend points to an ongoing accumulation strategy by LINK holders as the price of the altcoin falls. The presence of a growing number of buyers near the immediate support line could potentially trigger a breakout.</p> 
<p>Notably, Chainlink is experiencing an increase in its long/short ratio, currently trading at 1.1249. This data reveals that approximately 53% of futures positions are now expecting a rise in price, while 47% are holding short positions. This shift is progressively making the sentiment of accumulation stronger for Chainlink. However, a sudden profit-taking activity near $15 might begin another correction for the LINK price.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-what-s-next-for-link-price">What’s Next For LINK Price?</h2> 
<p>Chainlink experienced a breakout above its declining trend line, yet the upward momentum wasn’t sustained, leading to a decline back below the moving averages. However, bears failed to capitalize on the downturn as buyers quickly rebounded the price from $13.7. As of writing, LINK price trades at $14.3, surging over 1.6% from yesterday’s rate.&nbsp;</p> 
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<p>As the LINK price is moving within a specific channel, the critical level to monitor is the break of the pattern. A drop below the support line at $13.6 will send the price below the EMA200 trend line and could indicate a comeback of bearish sentiment, potentially driving the price towards the 61.8% Fibonacci retracement level at $11.7.</p> 
<p>Conversely, a surge from the EMA lines could signal ongoing positive sentiment and a purchasing strategy during price dips. This could pave the way for a potential uptrend, targeting the $15.5 level. Success in this will send the price above $18.</p>

Chainlink Sees Strong Support From Bulls As Accumulation Increases! Could LINK Price Be Gearing Up For A Breakout?

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