{"id":166910,"date":"2023-10-03T00:55:22","date_gmt":"2023-10-02T19:25:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=166910"},"modified":"2023-10-03T00:55:22","modified_gmt":"2023-10-02T19:25:22","slug":"link-spot-demand-weakens-but-will-this-lead-to-a-sizable-pullback-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/link-spot-demand-weakens-but-will-this-lead-to-a-sizable-pullback-crypto-news\/","title":{"rendered":"LINK spot demand weakens, but will this lead to a sizable pullback? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/i><\/p>\n<ul>\n<li><em>Chainlink retains its short-term bullish structure<\/em><\/li>\n<li><em>The drop in OI over the weekend need not be alarming- but the spot CVD could be pointing toward a drop in prices<\/em><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/chainlink\" data-wpel-link=\"internal\">Chainlink [LINK]<\/a> saw its uptrend <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/chainlink-hits-2023-price-ceiling-can-bulls-still-benefit\/\" data-wpel-link=\"internal\">interrupted<\/a> over the weekend. The debut of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/chainlink-ccip-integrates-with-binance-assessing-links-response\/\" data-wpel-link=\"internal\">Cross Chain Interoperability Protocol<\/a> (CCIP) on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/BNB+Chain\" data-wpel-link=\"internal\">BNB Chain<\/a> was a positive development for the ecosystem.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Read <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/chainlink-price-prediction\" data-wpel-link=\"internal\">Chainlink\u2019s [LINK] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<p>Yet, it was also possible that this news spurred holders to take profit, especially as the price of LINK closed in on a higher timeframe resistance region. The past few hours saw LINK dip below $8 \u2014 can the bulls maintain their momentum?<\/p>\n<h4>The bearish order block at $8.2 halts the Chainlink rally- for now<\/h4>\n<div id=\"attachment_348041\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-price.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348041\" class=\"size-full wp-image-348041\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-price.png\" alt=\"Chainlink spot demand weakens, but will this lead to a sizeable pullback?\" width=\"1940\" height=\"1099\" \/><\/a><\/p>\n<p id=\"caption-attachment-348041\" class=\"wp-caption-text\">Source: LINK\/USDT on TradingView<\/p>\n<\/div>\n<p>The $7.96-$8.45 region was highlighted in red and represented a bearish order block from the 12-hour timeframe. The price action on 20 July saw this resistance zone develop, and its first true retest 71 days later showed some bearish resilience.<\/p>\n<p>Yet, the market structure remained bullish on the H4 chart. A move below $7.67 would be needed to shift this bias to bearish. Therefore traders can keep an eye on this level and can plan their trades accordingly.<\/p>\n<p>The Relative Strength Index (RSI) was at 52 at press time. It signaled the uptrend was still in play but the momentum was weak at press time. On a similar note, the On-Balance Volume (OBV) had been in a strong uptrend since 19 September but stalled over the weekend.<\/p>\n<p>A move below $7.67 could see a retracement as far southward as $6.28, the 78.6% Fibonacci retracement level. Meanwhile, a move above $8.5 (above the bearish OB) would likely see LINK rally to $8.8-$8.9 before encountering major resistance.<\/p>\n<h4>Short-term market sentiment turns lukewarm as Chainlink encounters sell pressure<\/h4>\n<div id=\"attachment_348039\" style=\"width: 1929px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348039\" class=\"size-full wp-image-348039\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"Chainlink spot demand weakens, but will this lead to a sizeable pullback?\" width=\"1919\" height=\"1090\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze.png 1919w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze-300x170.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze-1024x582.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze-768x436.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze-1536x872.png 1536w\" data-lazy-sizes=\"(max-width: 1919px) 100vw, 1919px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-348039\" class=\"size-full wp-image-348039\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/PP-1-LINK-coinalyze.png\" alt=\"Chainlink spot demand weakens, but will this lead to a sizeable pullback?\" width=\"1919\" height=\"1090\" \/><\/a><\/p>\n<p id=\"caption-attachment-348039\" class=\"wp-caption-text\">Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinalyze.net\/chainlink\/open-interest\/\" data-wpel-link=\"external\">Coinalyze<\/a><\/p>\n<\/div>\n<p>Over the weekend the Open Interest remained flat as the price saw a slow decline from the $8.2 zone. More worryingly the spot Cumulative Volume Delta (CVD) also witnessed a downward move. This showed selling volume was dominant in the spot markets over the past two days.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? Check the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/chainlink-profit-calculator\" data-wpel-link=\"internal\">Chainlink Profit Calculator<\/a><\/p>\n<hr \/>\n<p>Therefore it was possible that Chainlink could drop to $7.67, or even deeper. Trying to long LINK at the $8 region was not a good idea. Meanwhile, traders looking to go short can wait for a break in the H4 market structure.<\/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. Chainlink retains its short-term bullish structure The drop in OI over the weekend need not be alarming- but the spot CVD could be pointing toward a drop in prices Chainlink [LINK] saw its uptrend [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":166911,"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-166910","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\/166910","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=166910"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166910\/revisions"}],"predecessor-version":[{"id":166913,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166910\/revisions\/166913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166911"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=166910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}