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Chainlink: Price correction or bullish exhaustion?

2min Read

The price height of the $8.1 level once again stood in the way of Chainlink bulls with a retracement taking LINK below the $7.6 support.

Chainlink: Price correction or bullish exhaustion?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • LINK hit a familiar hurdle at the $8.1 resistance, leading to an 11% drop.
  • Buyers were still active, with a dominant share of the Exchange Long/Short Ratio.

The price height of the $8.1 level once again stood in the way of Chainlink [LINK] bulls, with a price retracement taking the altcoin past the $7.6 support level.

Read Chainlink’s [LINK] Price Prediction 2023-24

Earlier, LINK had gone on a mazy bullish rally in September that saw it register over 40% gains between 12 September and 30 September.

However, October began on a bearish note with an 11% drop, halting bulls from recording another year-high.

Bulls can’t cross major selling hurdle

Chainlink LINK price chart

Source: LINK/USDT on Trading View

A look southward revealed the strength of bears at the $8.1 price zone. The strong bullish run in July met its end at the price level, ushering in massive selling pressure in Q2 that sunk LINK to the $6 price zone.

The second attempt to flip the $8.1 resistance level met the same fate, with sellers unwilling to give up their bearish stronghold.

The on-chart indicators showed that the inability of bulls to flip the level might have been due to profit-taking moves by LINK traders. The CMF (Chaikin Money Flow) highlighted the sudden outflow of capital, dropping from +0.16 to -0.06.

The RSI (Relative Strength Index) also fell out of the overbought zone and hovered over the neutral 50 mark. This reflected the loss of buying pressure.

A resumption of the bullish rally would be dependent on buyers regaining the $7.6 support level. Else, sellers could drive the price toward the next support at $7.

Buyers still in the game

Source: Coinglass

How much are 1,10,100 LINKs worth today?

The Exchange Long/Short data showed that buyers were still very active at press time. Longs dominated the open contracts ratio with a 51.23% share, amounting to $185.19 million.

This signaled that the ongoing retracement could be a minor correction before the continuation of the bullish uptrend.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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