Despite a steady decrease in Open Interest, indicative of potential bearish sentiment in shorter time frames, LINK maintained a healthy overall position on the price chart. The past two weeks' range formation was anticipated to strongly influence Chainlink's price action in the upcoming days, especially <a href="https://x.com/chainlink/status/1729551423707197870" target="_blank" rel="noopener">considering</a> Bitcoin's struggle to surpass the $38,000 mark.
<h2>LINK's Price Movement: RSI Neutral, Capital Outflow Detected</h2>
<a href="https://www.cryptoknowmics.com/news/ethereums-surge-worldcoin-pyusd-etf-link/">LINK</a> had surpassed $15, establishing it as a support level, but quickly retreated to $13.4. The 12-hour chart highlighted a range between $13.35 and $15.4, with LINK facing rejection from the range highs on November 26. The Relative Strength Index (RSI) indicated neutral momentum, and the On-Balance Volume lacked a clear trend in November. The Chaikin Money Flow (CMF) demonstrated a steady decline over the past three weeks, signaling a capital outflow from the market.
<h2>LINK's Strategic Positioning: Liquidation Levels Signal Market Dynamics</h2>
Traders were advised to consider range formations as opportunities for favorable risk-to-reward buy or sell positions. At the time of reporting, LINK was closer to the mid-range mark. Liquidation levels data from Hyblock suggested a concentration of estimated liquidations around the $15.6 region. A potential LINK sweep of this area, just above the range highs at $15.6-$15.9, was deemed likely, which could build bullish expectations. However, a southward reversal might trap early bulls, leading to increased liquidity for a move towards $14.37 (mid-range) and $13.35 (range low). The market awaited further developments to gauge LINK's next move.

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Chainlink Eyes $16 Climb: Here's Why

Discover the reasons behind Chainlink's potential ascent toward $16. Get insights into the factors driving this anticipated move. 📈 #Chainlink #CryptoNews

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Chainlink Eyes $16 Climb: Here's Why

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