The post Chainlink OI & Volume Demonstrating Capability to Rise Ahead? appeared on BitcoinEthereumNews.com.

Chainlink is a network of decentralized oracles that provides real-world data to smart contracts on the Ethereum blockchain, enabling the creation of secure and reliable decentralized applications (DApps). LINK is the cryptocurrency token of the Chainlink network, used to pay for services within the ecosystem. What the 3-Months LINK Open Interest Chart Shows According to Coinglass, a cryptocurrency data analysis tool, open interest for Chainlink (LINK) is $294.31 million, down by 1.35% from the previous session.  The 24-hour long/short ratio is 0.9474, meaning there are more long positions than short positions. The total number of short positions that were opened in the last 24 hours is $245.26 thousand and long positions are $221.70 thousand.  The Coinglass website displays the LINK futures OI chart in USD. This shows that the OI generated was low in September and remained below about 180 Million. LINK lost momentum and remained at $6.00.  However, OI increased in October and November and remained above 180 Million. The price also rose by about $16 following the OI, highlighting upward momentum. So, if more OI is generated from LINK, another impressive rally could occur. It can break through resistance and take LINK to new heights. Source: by coinglass.com What LINK Price Chart Highlights The LINK price blasted off in June 2023, climbed higher and higher, forming new highs and lows along the way. It demonstrated a remarkable 3x growth by November 2023.  Furthermore, it seems like the LINK crypto is primed for a phenomenal rally, as it builds up strength to blast through the barriers and zoom to new highs from the current base zone. Currently, the LINK price is above all major EMAs and is trading at $14.49 with an intraday surge of 0..56%. Therefore, if buyers sustain the pressure, LINK price might surge strongly from the…

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Filed under: News - @ November 25, 2023 1:16 am