{"id":166095,"date":"2023-10-01T11:56:19","date_gmt":"2023-10-01T06:26:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=166095"},"modified":"2023-10-01T11:56:19","modified_gmt":"2023-10-01T06:26:19","slug":"chainlink-hits-2023-price-ceiling-can-bulls-still-benefit-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chainlink-hits-2023-price-ceiling-can-bulls-still-benefit-crypto-news\/","title":{"rendered":"Chainlink hits 2023 price ceiling: Can bulls still benefit? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i><span style=\"font-weight: 400\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">LINK was up +35% in September but hit the 2023 price ceiling.<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Demand in the derivatives market surged in the second half of September.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The crypto market posted mixed results in Q3. For <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/LINK\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Chainlink [LINK]<\/span><\/a><span style=\"font-weight: 400\">, the bearish pressure in August was firmly outweighed by increasing traction from its CCIP (Cross Chain Interoperability Protocol) in September.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Is your portfolio green? Check out the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/chainlink-profit-calculator\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">LINK Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">BNB Chain is the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnbchain.org\/en\/blog\/ccip-is-now-live-on-bnb-chain-unlocking-secure-cross-chain-development\/\" data-wpel-link=\"external\"><span style=\"font-weight: 400\">latest<\/span><\/a><span style=\"font-weight: 400\"> entrant to adopt Chainlink\u2019s CCIP to empower its ecosystem developers. LINK was up +35% in September but hit a key 2023 price ceiling.<\/span><\/p>\n<h4>Should Chainlink buyers consider these levels?<\/h4>\n<div id=\"attachment_347688\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINKUSDT_2023-09-30_12-39-49.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347688\" class=\"size-full wp-image-347688\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINKUSDT_2023-09-30_12-39-49.png\" alt=\"chainlink\" width=\"1950\" height=\"1109\" \/><\/a><\/p>\n<p id=\"caption-attachment-347688\" class=\"wp-caption-text\">Source: LINK\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">At press time, LINK was up 39%, measured using the Price Range tool, from the H12 bullish order block (OB) at $5.5 to the 2023 supply area of $8.80 \u2013 $8.03.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, the RSI has steadily reclaimed the upper ranges and hit the overbought zone, underscoring the demand increase in the Spot market in September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Similarly, the CMF hovered above the zero mark, suggesting LINK recorded significant capital inflows.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">But the overbought condition and supply area could make a reversal likely. If so, the retracement could ease at the confluence of the bullish OB of $7.25 -$7.58 (white) and $7.34 before targeting the supply area again.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Alternatively, the rally could extend to $9.5 if LINK convincingly flips the supply area into support.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The two scenarios could present two buying opportunities at $7.25 \u2013 7.58 and $8. The take-profit targets can be placed in the supply area and $9.5.\u00a0<\/span><\/p>\n<h4>Chainlink recorded massive demand in September<\/h4>\n<div id=\"attachment_347689\" style=\"width: 1876px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347689\" class=\"size-full wp-image-347689\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Chainlink\" width=\"1866\" height=\"624\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI.png 1866w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI-300x100.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI-1024x342.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI-768x257.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI-1536x514.png 1536w\" data-lazy-sizes=\"(max-width: 1866px) 100vw, 1866px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-347689\" class=\"size-full wp-image-347689\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/09\/LINK-OI.png\" alt=\"Chainlink\" width=\"1866\" height=\"624\" \/><\/a><\/p>\n<p id=\"caption-attachment-347689\" class=\"wp-caption-text\">Source: Coinglass<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">According to Coinglass, the derivatives market demand for LINK doubled in the second half of September as Open Interest rates surged from $100 million to over $200 million at press time.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">How much are <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/convert\/1-link-to-usd\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">1,10,100 LINKs worth today<\/span><\/a><span style=\"font-weight: 400\">?\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">On the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/currencies\/LINK\" data-wpel-link=\"external\"><span style=\"font-weight: 400\">liquidation<\/span><\/a><span style=\"font-weight: 400\"> front, more short positions have wrecked across all timeframes. About 24 hours before press time, more than $1.3 million worth of short positions were liquidated. The trend underscores the strong bullish bias.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">So, buyers can seek re-entry above the supply area or at the bullish OB near $7.\u00a0<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. LINK was up +35% in September but hit the 2023 price ceiling. Demand in the derivatives market surged in the second half of September.\u00a0 The crypto market posted mixed results in Q3. For Chainlink [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":166096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-166095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=166095"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166095\/revisions"}],"predecessor-version":[{"id":166098,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166095\/revisions\/166098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166096"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=166095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}