Chainlink hits 2023 price ceiling: Can bulls still benefit?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

• LINK was up +35% in September however hit the 2023 worth ceiling.
• Demand within the derivatives market surged within the second half of September. 

The crypto market posted combined ends in Q3. For Chainlink [LINK], the bearish stress in August was firmly outweighed by rising traction from its CCIP (Cross Chain Interoperability Protocol) in September. 

Is your portfolio inexperienced? Try the LINK Revenue Calculator

BNB Chain is the latest entrant to undertake Chainlink’s CCIP to empower its ecosystem builders. LINK was up +35% in September however hit a key 2023 worth ceiling.

Ought to Chainlink consumers think about these ranges?

Supply: LINK/USDT on TradingView

At press time, LINK was up 39%, measured utilizing the Worth Vary software, from the H12 bullish order block (OB) at $5.5 to the 2023 provide space of $8.80 – $8.03.

Notably, the RSI has steadily reclaimed the higher ranges and hit the overbought zone, underscoring the demand improve within the Spot market in September. 

Equally, the CMF hovered above the zero mark, suggesting LINK recorded vital capital inflows. 

However the overbought situation and provide space may make a reversal possible. In that case, the retracement may ease on the confluence of the bullish OB of $7.25 -$7.58 (white) and $7.34 earlier than concentrating on the provision space once more. 

Alternatively, the rally may lengthen to $9.5 if LINK convincingly flips the provision space into assist. 

The 2 situations may current two shopping for alternatives at $7.25 – 7.58 and $8. The take-profit targets might be positioned within the provide space and $9.5. 

Chainlink recorded huge demand in September

Supply: Coinglass

In line with Coinglass, the derivatives market demand for LINK doubled within the second half of September as Open Rates of interest surged from $100 million to over $200 million at press time. 

How a lot are 1,10,100 LINKs value as we speak? 

On the liquidation entrance, extra brief positions have wrecked throughout all timeframes. About 24 hours earlier than press time, greater than $1.3 million value of brief positions have been liquidated. The development underscores the robust bullish bias. 

So, consumers can search re-entry above the provision space or on the bullish OB close to $7.